SINGAPORE: State investor Temasek said on Tuesday (Feb 25) it will implement a company-wide salary freeze, including promotion increases, for its upcoming April compensation exercise.
Replying to CNA's queries, Temasek added that the senior management team, which includes managing directors and positions ranked above, will also "take a partial cut in their annual bonuses this year".
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Temasek in the email said that senior management may also take a voluntary pay cut of up to 5 per cent for up to a year.
This will be matched dollar-for-dollar by Temasek, and along with the budget originally set aside for salary increases, will be donated to the company's staff volunteer initiative T-Touch.
"This amount will then be set aside to support the community as needed during this time," said the company.
The state investor had previously implemented salary reductions during the severe acute respiratory syndrome (SARS) outbreak in 2003 and the global financial crisis in 2007-2008.