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SINGAPORE Airlines (SIA) has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction for other employees, and early retirement for pilots and ground staff, The Business Times understands.
Given the first-quarter operating loss for the flag carrier and its regional full-service arm SilkAir, the full quantum of the monthly variable component of salaries will be cut with effect from Aug 1, in accordance with the group’s collective agreements with its unions.
This amounts to 10 per cent of the basic salary for all staff below the level of manager, said chief executive officer (CEO) Goh Choon Phong in a memo to staff this week.
Meanwhile, all staff at the rank of manager and above will get increased cuts on their basic salaries starting Aug 1.
Managers and senior managers will see a 12 per cent reduction, up from 10 per cent previously. Vice-presidents (VPs) and divisional VPs will see a 15 per cent cut, up from 12 per cent. Senior VPs will take a 25 per cent decrease, up from 20 per cent previously, while executive VPs will take a 30 per cent cut, up from 25 per cent.
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