SINGAPORE - National power grid operator SP Group on Friday (March 6) said its board of directors will be taking a fee cut of 5 per cent in a show of "solidarity with the nation" amid the coronavirus epidemic.
Its senior management team will also have their performance bonus cut by one to two months for the current financial year, amounting to 8 to 15 per cent of their annual base salaries.
SP Group added in a statement that about 400 of the group's front-line officers who regularly deal with the public will also receive a one-time payment of $1,500 "in recognition of (their) dedication...and to encourage them during this period".
The Straits Times understands that part of SP Group's fee and bonus cuts will go towards this one-time payment of its front-line employees.
The moves come after it was announced that ministers and Singapore investment firm Temasek - as well as senior staff at Temasek-linked companies such as Singapore Airlines, CapitaLand and transport operator SMRT - will be taking pay or bonus cuts in response to the coronavirus situation.
One reason cited by some of these companies for their pay or bonus cuts is the challenging economic impact of Covid-19, the disease caused by the coronavirus that broke out in China late last year and has since spread across many countries.
Singapore Airlines, for instance, has had three rounds of flight cuts due to a fall in air travel demand that is believed to have left it with excess manpower of over 500 cabin crew members and around 50 pilots.
SP Group declined to comment if it has been adversely affected by Covid-19 when contacted by ST.
The group said on Friday that it is also calling on its employees to contribute to the SP Heartware fund, which was set up in 2005 for senior citizens from low-income families.
It will match all staff donations dollar for dollar.
This move, while not directly related to the coronavirus outbreak, is believed to be aimed at keeping the fund going in difficult economic times.
The National Volunteer and Philanthropy Centre (NVPC), which runs fund-raising website Giving.sg, has said that amid the 67 per cent spike in donations in February compared with the same period last year, about 85 per cent of funds continue to go to causes not necessarily linked to Covid-19.
The upsurge in altruism has led it to say that "the Singaporean spirit is shining bright amid dark times".