SPH's board members, senior execs to take pay cuts

Singapore Press Holdings (SPH) board members will take a voluntary 10 per cent reduction in directors' fees, and the salary of those in senior management will be cut.

The move comes as "an expression of sympathy and solidarity with fellow Singaporeans facing the threat of the Covid-19 pandemic", said SPH, which publishes The Straits Times.

SPH chief executive Ng Yat Chung will take a pay cut of 10 per cent; senior management staff will have their salaries cut by 5 per cent. The cuts start next month and will be reviewed at the end of the year.

"The global pandemic has affected our businesses and posed challenges to our stakeholders. We have volunteered the pay cuts to better position ourselves to ride out this difficult time with our stakeholders," Mr Ng said yesterday.

SPH Reit manager's board of directors will be taking a 10 per cent cut in fees as well.

SPH Reit chief executive Susan Leng will take a pay cut of 10 per cent; other senior staff will take pay cuts of 5 per cent.

The cuts will be effective from next month and be reviewed at the end of the year.

Separately, SPH Foundation will be donating $100,000 to The Courage Fund to help families, individuals and those on the front line who are affected by the ongoing pandemic.

THE BUSINESS TIMES

A version of this article appeared in the print edition of The Straits Times on March 27, 2020, with the headline 'SPH's board members, senior execs to take pay cuts'. Print Edition | Subscribe