The management of SIA Engineering Company (SIAEC) are taking deeper pay cuts than previously announced, while its directors have volunteered to take a larger reduction in fees as the global coronavirus pandemic continues to ground flights.
"In view of the massive flight cuts by airline customers and the increasingly difficult business environment, SIAEC is stepping up its measures to mitigate the severe impact," said the company, which provides aircraft maintenance, repair and overhaul services, in a bourse filing yesterday.
As of Wednesday, the pay cuts have about doubled to 25 per cent for the chief executive officer, from 12 per cent previously, and to 20 per cent for the executive vice-president, from 10 per cent. For senior V-Ps, their 8 per cent pay cut has been brought forward to Wednesday, from April 15 initially. This will rise to a 15 per cent cut, starting May 1.
For V-Ps, the 7 per cent decrease has been brought forward to Wednesday, from April 15 initially. This will be bumped up to 12 per cent, starting May 1. Senior managers and managers' pay cut of 5 per cent has been brought forward to Wednesday, from May 15, and will increase to 10 per cent starting May 1.
SIAEC board directors have volunteered to cut their fees further; compared with the 12 per cent cut announced last month, they are taking a 25 per cent cut to their fees accruing with effect from Wednesday.
THE BUSINESS TIMES