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COVID-19: SingPost to cut, freeze pay for senior management
SINGAPORE — Singapore Post will cut salaries and freeze pay for its senior management staff amid the COVID-19 coronavirus outbreak.
Starting April, senior vice-presidents and above will have their pay reduced by 5 per cent, group chief executive officer Paul Coutts said on Wednesday (March 4) in an internal message to staff seen by Yahoo Finance Singapore. Assistant vice-presidents and above will also have their pay and promotion increments frozen. Staff who are ranked senior manager and below will not be affected by these measures.
Effectively immediately, SingPost froze hiring across the organisation, except for essential roles, subject to approval.
Coutts said as the government and leading businesses have taken the lead in implementing measures to offset the impact of the outbreak, SingPost would do likewise “amid this uncertain and challenging environment in a show of solidarity".
He added that these temporary measures will be reviewed on a quarterly basis by the management committee.
“We seek your support as we tighten operations and practise prudence in our spending against the backdrop of a weaker economic outlook,” Coutts said in the note, saying future growth plans for the company will not be affected.
SingPost joins a list of Singapore companies including state investor Temasek and its portfolio companies including CapitaLand, SMRT, SATS and Singapore Airlines to cut pay and freeze hiring as they grapple with the economic impact of the outbreak.
President Halimah Yacob and all political office holders will take a one-month pay cut in view of the outbreak, Deputy Prime Minister Heng Swee Keat said on 28 February. All Members of Parliament will also take a one-month cut in their allowances and some senior public officers will also take a half-month pay cut.
Singapore confirmed two new cases of COVID-19 on 3 March, bringing the total cases to 110. More than 90,000 cases have been confirmed worldwide and the number of deaths from the virus has reached 3,110 globally, according to the World Health Organisation.
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