SINGAPORE (Feb 25): Temasek Holdings Pte, Singapore’s state-owned investment firm, is implementing a company-wide wage freeze and asking senior management to take voluntary pay reductions for up to a year amid the coronavirus outbreak.
The move, which will start in April, will see Temasek halt all raises and salary increases linked to promotions. It will also introduce partial cuts to the annual bonuses of senior management, who were asked to voluntarily lower their base salaries by as much as 5%.
With the money saved, Temasek will donate to staff volunteer initiatives and support the community as needed through unspecified measures. It will also match dollar-for-dollar any voluntary base salary reductions. The compensation exercise was first reported by the Business Times and confirmed by a Temasek representative, who declined to provide further details.