Temasek Holdings, Singapore’s state-owned investment firm, is implementing a company-wide wage freeze for an as yet undetermined period and asking senior management to take voluntary pay reductions for up to a year amid the coronavirus outbreak.
The moves, which start in April, will see Temasek halt all raises and salary increases linked to promotions for a duration to be “determined by market conditions,” according to an emailed statement on Tuesday. The firm will also introduce partial cuts to the annual bonuses of senior management, who have also been asked to voluntarily lower their base salaries by as much as 5 per cent.
Temasek said it would donate part of the money it saves to staff-volunteer initiatives, and support the community as needed through unspecified measures. It’ll also match dollar-for-dollar any voluntary base salary reductions.