CapitaLand to cut staff salaries between 3-20%
Posted by luxuryasiahome on December 3, 2008
Southeast Asia’s largest developer, CapitaLand, said on Wednesday it will cut staff pay between 3 to 20 per cent in light of a slowing domestic economy.
CapitaLand said in a statement that the firm-wide measures will affect mostly management and executive level employees, with its chief executive, Liew Mun Leong, bearing the maximum cut of 20 per cent.
The cuts will take effect in January 2009.
‘We felt that the proactive measures demonstrate the Group’s disciplined capital management and prudence during these global financial and economic uncertainties,’ Mr Liew said.
Some Singapore firms have started laying off staff and cutting salaries in light of the tough economic conditions.
State investor Temasek Holdings said last month it will cut staff pay between 15 to 25 per cent while DBS Group and Neptune Orient Lines said they will be cutting jobs.
Source : Business Times – 3 Dec 2008
