Singapore Airlines plans to implement further pay cuts across the entire company, including a 10% salary reduction for all employees below management level (Straits Times/Channel News Asia/Industry Global News 24/Today Online/The Standard, 30/31-Jul-2020). Other planned pay reductions as follows:
- Managers and senior managers will have their basic salaries reduced by 12%, up from a previously implemented 10% pay cut;
- VPs and divisional VPs will have their pay cut by 15%, up from 12%;
- Senior VPs: 25% cut, up from 20%;
- Executive VPs: 30% cut, up from 25%;
- CEO Goh Choon Phong's salary will be cut by 35%, up from 30%.
Mr Phong stated: "Given the slower growth trajectory and depressed market conditions, we must brace for additional staff measures", adding: "We will be engaging our staff unions on this and will announce the measures when they have been firmed up". He said: "Our immediate priority is to do everything we can to survive this crisis and be ready for the long trudge ahead of us".