SINGAPORE, Feb 25 — In light of the Covid-19 outbreak, state investor Temasek will be implementing a salary freeze for all its employees, including promotion increases, for its April compensation exercise.
Its senior management team — managing directors and above — will also be allowed to take a voluntary base salary reduction of up to five per cent, for a period of up to one year, the company said in a statement today.
Its senior management will, in addition, take a partial cut in their annual bonuses this year.
The budget originally set aside for the salary increases, plus the voluntary base salary reduction from senior management which will be matched dollar-for-dollar by Temasek, will be donated to T-Touch, the state investor’s staff volunteer initiative.
This amount will then be set aside to support the community as needed during this time.
It is understood that the aim of the exercise is to exercise restraint during challenging times. The state investor had implemented salary reductions during past crises such as SARS (severe acute respiratory syndrome) in 2003 and the 2008 Global Financial Crisis. TODAY also understands that Temasek does not direct its portfolio companies’ decision on compensation matters. — TODAY
