Singapore Airlines (SIA) has announced it is taking steps to cut the pay of senior management in response to the toll the Covid-19 outbreak has taken on air travel, the company said.
SIA said in recent weeks it has aggressively cut flights, capital spending and operating costs.
Chief executive officer (CEO) Goh Choon Phong will take the lead, with a 15% cut, effective from March 1, it said. Executive vice presidents and senior vice presidents will take pay cuts of between 10 per cent and 15 per cent, the statement added. Other leadership positions will also see pay cuts.
A voluntary no-pay leave scheme has also been offered to all staff up to the level of divisional vice president.
SIA´s pay cuts of its senior staff follow similar announcements by other portfolio companies of state investment firm Temasek Holdings.
SIA has also strengthened its revenue generating capabilities and driven operational efficiencies through its transformation programme over the last three years.
Singapore Airlines is the flag carrier airline of Singapore with its hub at Singapore Changi Airport.