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Second pay cut in one month for SIA Engineering management as company scrambles to tighten costs

Uma Devi
Uma Devi4/2/2020 01:34 PM GMT+08  • 2 min read
Second pay cut in one month for SIA Engineering management as company scrambles to tighten costs
In light of the worsening situation, the SIAEC Board has also volunteered a deeper reduction of 25% in fees accruing with effect from Apr 1 in solidarity with its management and staff.
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SINGAPORE (Apr 2): SIA Engineering (SIAEC) is ramping up its cost saving measures as the global economy grapples with an unprecedented collapse in demand for air travel due to the Covid-19 outbreak.

In light of a combination of massive flight cuts by airline customers and an increasingly difficult business environment, the management of SIAEC is set to take deeper pay cuts than the previously announced range of 5-12%.

In March, the group reported that the CEO and executive vice president will take the lead with a pay cut of 12% and 10% respectively with effect from Mar 15, while senior vice presidents and vice presidents will see their salaries axed by 8% and 7% respectively from Apr 15.

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