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SINGAPORE: Singapore Press Holdings (SPH) is cutting the pay of its 3,000 staff by between 2% and 10% from next month.
The pay cuts, together with a reduction in profit-related bonuses, would result in an estimated 20% reduction in the wage bill for SPH's core businesses.
SPH said in a statement that the actual pay cut will depend on each staff's current pay package.
Higher-paid staff will take the brunt of the pay cuts, while those earning S$2,000 or less will not have any reduction in their monthly pay.
With the decline in newspaper profits, profit-related bonuses will also be affected. SPH senior management staff will take the highest reduction, expected at about 30% of their total annual remuneration.
The move came after negotiations with the Singapore Press Holdings Employees' Union and the Singapore National Union of Journalists.
In addition to the pay cuts, the company has also implemented a range of cost-cutting measures, which include a recruitment freeze and a reduction in operating expenses.
SPH said the move is the latest cost-cutting measure in response to the sharp deterioration in business conditions.
In December last year, SPH announced that it will freeze the pay of its senior management and slow down hiring due to the economic downturn.
SPH's CEO Alan Chan said: "We need to bring our costs down in the face of a weaker advertising market and uncertain business environment. It is imperative that we prepare for a longer than expected downturn so that we can emerge stronger when the economy recovers."
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