In the note seen by ST, he said that SIA management will take a second round of pay cuts. Email us at btuserfeedback@sph.com.sg Todayâs print edition of BT, delivered to your inbox. As coronavirus continues to take toll on Indiaâs aviation sector, Tata SIAâs joint venture Vistara has asked its top management to go on leave without pay for few days. Stay updated with BT newsletters Tell us what kind of news matters to you! From March 1, Singapore Airlines âs (SIA) executives will be given a pay cut between 10% to 15%. The pay cuts affecting Senior Vice Presidents, the Executive Vice More aerospace firms jettison jobs; further pain if pandemic drags on, 19 new Covid-19 cases in Singapore, all imported, Singapore Medical Group in talks with third party on possible share transaction, in response to query from sponsor, Netherlands ban flights from UK after detecting new coronavirus strain, Philippine peso set for more gains in 2021 on falling imports, US Congress poised to vote on Covid aid package after Fed compromise, US shoppers grab last-minute holiday gifts, pick up online orders in-store, The household product cleaning up more than just your countertops, Tech stars quit Silicon Valley as politics, pandemic weigh, Surge in privatisations as share prices remain undervalued. Over 6,000 SIA group staff have taken up no-pay leave since they were first offered the scheme in March 2020. CALL +65 6388 3838 EMAIL btocs@sph.com.sg, OPERATING HOURS (+8 GMT) MON-FRI: 8:30AM-5:30PM, For daily updates on weekdays and specially selected content for the weekend. We are the regulator of the UKâs private security industry. Senior management may take a voluntary pay cut of up to 5% for up to a year; Senior management team which includes managing directors and above will experience a partial cut in their annual bonuses; Company-wide salary and promotion freeze; Singapore Airlines (SIA), ⦠âFor staff costs, I used the general news that management would take a higher pay cut while the rest will take a 10% to 15% haircut. PHOTO: SCREENGRAB FROM SIA ENGINEERING COMPANY WEBSITE, premium content on your favourite platforms. A round-up of all the important things that happened today. Salaries posted anonymously by SIA Group employees. This is in addition to the pay cuts announced previously and on top of cost management measures implemented in previous months. Tell us what you think. Singapore Airlines (SIA) Chief Executive Officer, Goh Choon Phong announced yesterday (28 Feb) that the management of SIA will be taking a pay cut effective 1 March. Weekly insights into the world of startups. Divisional vice presidents (DVPs) and vice presidents will take a pay cut of seven per cent from April 1, while senior managers and managers will take a cut of five per cent from May 1. THE senior management of SIA Engineering Company (SIAEC) has decided to take a further 5 per cent cut to its salaries, accruing with effect from Aug 1, 2020. Later yesterday, SIA announced cost-cutting measures affecting about 10,000 staff including voluntary and compulsory no-pay leave, furloughs, and further pay cuts to senior management staff members. The percentage will be raised 20-30% with effect from 1 April 2020; Directors will also take a 30% pay cut. In a note to staff Friday afternoon, chief executive Goh Choon Phong said: "My management team will take the lead." To ensure this $15 billion lifeline lasts, SIA has also embarked on cost-cutting measures, including a cut in fees for management and company directors are also agreeing to a cut in their fees, while there will be salary cuts and compulsory no-pay leave for employees. Taking a pay cut is never ideal, but it doesnât have to spell career doom. Despite the cut in estimates, Sarkar and Sum remain cautiously positive on the stock, saying that consensus net profit for SIA EC seem âtoo bearishâ given the level of grant income expected. But the enhanced job credit scheme of 75% should now help the number up by quite a bit. Tell us what you think. This is in addition to the pay cuts announced previously and on top of cost management measures implemented in previous months. SINGAPORE: Singapore Airlines (SIA) is taking more steps to manage costs, announcing further pay cuts for management staff and a salary reduction of 10 per cent for ⦠© 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. 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