Wed, Mar 04, 2020 – 1:01 PM
POSTAL services provider SingPost will be rolling out pay reduction and freezes for upper-level management staff starting Apr 1 as part of temporary Covid-19 measures.
A hiring freeze will also be implemented across the whole organisation with immediate effect, except for essential roles subject to approval, a SingPost spokesman told The Business Times on Wednesday.
Staff who are at senior vice-president level and above will see a pay reduction of 5 per cent, while staff who are at assistant vice-president level and above will have their pay and promotion increment frozen.
The temporary measures will be reviewed on a quarterly basis by the group’s management committee, the spokesman said, adding that growth plans for SingPost’s future will not be affected.
As at 12.28pm on Wednesday, SingPost shares were trading at S$0.79, up S$0.01 or 1.3 per cent.