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SINGAPORE – Singtel will be implementing a wage freeze across the company, this year – except for operational and support staff – as part of a cost-cutting exercise by Singapore’s largest telco.
Group chief executive Chua Sock Koong said in a note to employees on Monday (March 9) that the company needed to brace itself for uncertainty because of the coronavirus outbreak and the weak business sentiment.
She said: “It’s been a worrying start to the year. As we announced our third-quarter results, the Covid-19 threat emerged, disrupting not just lives but in many cases, livelihoods.”
Ms Chua added that “risks to businesses have been significant enough to warrant interest rate cuts by central banks and budget measures from governments to help manage the economic fallout”.
She noted that Prime Minister Lee Hsien Loong has also “not ruled out the possibility of a recession”.
Ms Chua said: “The business and structural challenges we are already facing will be further aggravated by weak sentiment and economies made more sluggish by the virus threat.
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