SMRT, CapitaLand to cut salaries of top staff amid coronavirus outbreak

SMRT is fully owned by Temasek, while the state investor is CapitaLand's majority shareholder.
SMRT is fully owned by Temasek, while the state investor is CapitaLand's majority shareholder.ST PHOTOS: KUA CHEE SIONG, NG SOR LUAN

Just two days after Singapore investment firm Temasek announced a pay freeze on the back of the coronavirus outbreak, transport operator SMRT Corp and property giant CapitaLand followed with similar calls.

In a note sent to employees yesterday afternoon, SMRT said: "In light of the challenging situation arising from the Covid-19 outbreak, SMRT is implementing a salary reduction of up to 5 per cent and a 0.5-month reduction in bonus for its management staff this year."

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A version of this article appeared in the print edition of The Straits Times on February 27, 2020, with the headline 'SMRT, CapitaLand to cut salaries of top staff'. Print Edition | Subscribe