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SINGAPORE: The Singapore Industrial and Services Employees' Union (SISEU) said it appreciates CapitaLand approaching the union in advance to discuss its plans to cut costs and save jobs.
The property developer said on Wednesday that executive-level staff will take pay cuts of between three and 20 per cent as part of the company's cost management measures.
In an earlier statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties.
President and CEO Liew Mun Leong will bear the maximum salary reduction of 20 per cent.
According to CapitaLand's annual report, Mr Liew earned S$1.15 million in base salary in 2007 and was paid S$5.35 million in bonuses.
All salary reductions will take effect in January 2009.
SISEU said it understands that "it is prudent for the company to take pre-emptive action to strengthen its financial position even though it is still profitable."
It added that this will enable the company to fulfil its commitment to avoid staff retrenchments.
SISEU has started working with CapitaLand and the Singapore Workforce Development Agency to identify suitable programmes under the Skills Programme for Upgrading and Resilience (SPUR) for staff to undergo training in the next few months. - CNA/vm
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