SIAEC's senior management to get pay cuts

CEO’s and executive VP’s salaries will be down by 12% and 10%, respectively.

SIA Engineering Company (SIAEC) has announced that its senior management team will have their salaries cut as part of the company’s measures to manage costs amidst the COVID-19 outbreak, according to a press release.

The company’s CEO and executive vice president will take a pay cut of 12% and 10% respectively, which takes effect 15 March.

Meanwhile, the company’s senior vice presidents and vice presidents will take cuts of 8% and 7% respectively, starting from 15 April 2020.

Senior managers and managers’ pay on the other hand will be slashed by 5% from 15 May.

The company has also said that in line with its cost cutting, it has scratched non-essential duty travel and training, deferred selected capital expenditure and reduced non-essential operating costs.

The SIAEC has volunteered to implement a 12% reduction accrued fees from 1 April.