Chief Executive Officer Goh Choon Phong will lead the way with a 15 per cent cut from 1 March, a spokesperson from SIA said in an email reply to Yahoo Finance Singapore on Friday (28 February). His total remuneration was S$5,500,463 in the previous financial year (FY18/19) (‘ SIA CEO announces 15% pay cut for himself; he earns $1.4m in salary with total package $5.5m last FY ‘). By Gaby Hinsliff. Chief executive Goh Choon Phong will lead the way... Register to read this article. Tech entrepreneur Dan Price is working to curb the dangers of "unbridled capitalism." Mediacorp Pte Ltd. All rights reserved. Would love your thoughts, please comment. This service is not intended for persons residing in the EU. The measure is part of wider efforts to help the airline cope with the ongoing COVID-19 outbreak. In February, it was decided that executives would face a pay cut of between 10% to 15%. MOH used to classify serological tests’ positive results as COVID-19 cases. We apologise for the error. Goh himself personally volunteered to take a 15 per cent pay cut. Coronavirus: SIA cuts pay for senior staff, with CEO Goh Choon Phong leading the way with a 15% cut 02/28/2020 SINGAPORE – Singapore Airlines (SIA) is cutting pay for management staff, with chief executive Goh Choon Phong leading the way with a 15 per cent salary cut… Divisional vice-presidents and vice-presidents will take a 7 per cent cut effective April 1, while senior managers and managers will see their salaries cut by 5 per cent from May 1. By Anna Robaton July 12, 2016 ... Stock options make up a larger component of CEO pay … The details of the pay cuts were made known to all pilots in an internal circular issued by Captain CE Quay, SIA’s senior vice-president of flight operations, on Friday (Sept 18). In a memo addressed to staff seen by CNA, Mr Goh said that Changi Airport reported an over 25 per cent drop in passenger movements for the first half of February, while traffic between Singapore and China dropped by more than 85 per cent year-on-year. By Alex Druce. Singapore — In response to news that Singapore Airlines (SIA) pilots had agreed to deeper pay cuts amid the Covid-19 pandemic to save jobs, members of … Re-employed captains will be the hardest hit, taking a 60 per cent pay cut. “The latest cuts follow the spread of the coronavirus into Europe and North America over the past fortnight, as well as its continued spread through Asia,” Qantas said in a statement. The CEO of Southwest Airlines, Gary Kelly, announced that he will voluntarily take a 10% pay cut in response to the dramatic drop in air travel. In simplified terms, CEO pay will be a combination of fixed salary, bonus, and equity. Its chief executive officer will take a 25 per cent pay cut, up from 12 per cent previously, while the executive vice-president’s grows from 10 per cent to 20 per cent. SIA Engineering has announced that their senior management will absorb a further pay cut … His 2 Executive Vice Presidents, Mak Swee Wah and Ng Chin Hwee earn about $700-800K in salary. Log in, register or subscribe to save articles for later. LONDON – The CEO of Tata-Singapore Airlines’ joint venture carrier Vistara (UK), Leslie Thng, will take a 20% pay cut per month until December this year.. Salary: $850,000 estimated base pay (based on 2018 CEO salary) Pay cut: 100% Eric Artz, president and CEO of REI, announced in April that he was forfeiting 100% of his base salary … Once your account is created, you'll be logged-in to this account. Read more at The Business Times. Meanwhile, The Business Times previously reported that the senior management of SIAEC's parent company, Singapore Airlines (SIA), is likewise … 21 November 2020. From March 1, Singapore Airlines ’s (SIA) executives will be given a pay cut between 10% to 15%. And General Electric CEO Larry Culp, who had a base salary of $2.5 million last year , … This is on top of a 10 per cent cut … The CEO of Singapore Airlines, the world's biggest by market value, will take a 20 percent pay cut as the carrier looks to cut costs after seeing profits battered by weak travel demand and volatile The executive vice presidents will be taking a 12 percent cut while the senior vice president level employees will take a 10 percent cut, according to the Business Times. Now He’s Battling Amazon. The median reduction for CEO pay … Now He’s Battling Amazon. What changed? Gary Kelly, the CEO of Southwest Airlines, announced that he will voluntarily take a 10% pay cut in response to the dramatic drop in air travel. Singapore Airlines CEO, management take pay cuts. READ: COVID-19: Tenants at Changi Airport to receive 50% rental rebate for 6 months, READ: CapitaLand freezes pay for managerial staff, senior management to take wage cut, BOOKMARK THIS: Our comprehensive coverage of novel coronavirus and its developments. It looks like the email address you entered is not valid. This was the agreement reached between SIA and the Air Line Pilots Association – Singapore (Alpa … From Mar 1, senior management figures will take a 10 to 15 per cent reduction in their salary, including SIA CEO Goh Choon Phong, who will take a 15 per cent cut. SINGAPORE - Singapore Airlines (SIA) pilots have agreed to take deeper pay cuts of up to 50 per cent so that more of them can stay employed. It is SIA which is offering the scheme. 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. In Asia, Singapore Airlines said it was unclear when it could resume normal services after grounding 185 of 196 aircraft. CEO Goh Choon Phong's salary will be cut by 35 per cent, up from 30 per cent. SINGAPORE Airlines (SIA) has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction … Southwest Airlines CEO Gary Kelly, who had a base salary of $750,000 in 2018, had his pay cut by 10%. The details of the pay cuts were made known to all pilots in an internal circular issued by Captain CE Quay, SIA’s senior vice-president of flight operations, on Friday (Sept 18). That is incorrect. When CEO pay is reported, we often get a final number. SINGAPORE: With COVID-19 having a "significant impact" on air travel, Singapore Airlines has announced a pay cut for management and a voluntary no-pay leave scheme for staff below senior management level on Friday (Feb 28). SINGAPORE Airlines (SIA) has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction for … What changed? March 9, 2020 — 8.29am. All rights reserved under The Online Citizen Pte Ltd. Read More. KESTENBAUM: One of those outside candidates actually made it onto the board. The two executive vice-presidents will take a 12 percent cut, and senior vice-presidents a 10 percent cut, The Straits Times found out. The global outbreak has pushed SIA to cut 96% of its scheduled flights. MOH used to classify serological tests' positive results as COVID-19 cases. SINGAPORE Airlines (SIA) has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction for other employees, and early retirement for pilots and ground staff, The Business Times understands. This CEO Took A Pay Cut To Give Employees $70,000 A Year. Dive Brief: Big gaps between CEO salaries and workers' pay can hinder productivity, says a Harvard assistant professor, Ethan Rouen. Chief Executive Officer Goh Choon Phong will lead the way with a 15 per cent cut from 1 March, a spokesperson from SIA said in an email reply to Yahoo Finance Singapore on Friday (28 February). This CEO Took A Pay Cut To Give Employees $70,000 A Year. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. © 2020 All rights reserved under The Online Citizen Pte Ltd. This includes the board chairman Tang Kin Fei, who was formerly the CEO of Sembcorp Industries. When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. Captains will see their salaries cut by 25 to 28.5 per cent, while first officers will receive a pay cut of 15 to 18.5 per cent depending on their wage. Singapore Airlines (SIA) has successfully raised S$500 million via a private placement of new 10-year bonds. Editor's note: An earlier version of this article said that CAG will offer a voluntary no-pay leave scheme. SINGAPORE — Embattled national carrier Singapore Airlines (SIA) Group on Thursday (10 September) announced that it will cut some 4,300 jobs across its three airlines. Our priority is to save jobs,” Goh stressed. The actions will help reduce the company's manpower costs amid the challenges of the ongoing COVID-19 outbreak, an SIA spokesperson said in response to CNA's queries. Cuts on senior vice presidents, executive vice president and the CEO rose to 20%- 30%. It’s not known if SIA would be making losses this year, given that the coronavirus is much more infectious than SARS and would likely disrupt worldwide air travel much longer. Please enter your username or email address to reset your password. Barely a week after Singapore agrees free trade deal with the UK, the UK is planning to turn London into a shipping rival, Individuals arrested and detained under ISA "have no opportunity to respond" to allegations, says Function 8 director Teo Soh Lung. In a media statement, SIA said over recent weeks it had “aggressively” cut flights, capital spending and operating costs and was now reducing manpower costs “during this difficult time”. Total CEO pay figures are a bit of a smokescreen. “The SIA board of directors have also decided to take a 15 per cent cut in their fees effective 1 March 2020 to show solidarity with the management and all staff,” the note said. Goh himself personally volunteered to take a 15 per cent pay cut. Board members have also decided to take a 30% cut in their fees “in solidarity with the company”. For instance, although Toll group’s new CEO agreed to a temporary 40 per cent pay cut, the company declined to disclose the value. 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. In general, most cuts to the CEO’s pay have been accompanied by some other cut: just 9% of companies have cut only the CEO’s pay. Qantas CEO Alan Joyce to take a salary haircut until the end of the financial year. Tough decisions will be needed along the way. We also get your email address to automatically create an account for you in our website. Some 3,000 or about 10 per cent of scheduled flights from this month to end-May have been suspended by the SIA group, including SilkAir and Scoot, due to fall in air travel demand. The CEO of Southwest Airlines, Gary Kelly, announced that he will voluntarily take a 10% pay cut in response to the dramatic drop in air travel. Pay Cut Per Person. Goh’s announcement came as Deputy Prime Minister Heng Swee Keat also announced in Parliament yesterday that the President, all Cabinet ministers – including PM Lee – and political office-holders will take a one-month pay cut in solidarity with Singaporeans coping with the coronavirus outbreak. SIA currently has around 2,600 pilots. From Mar 1, senior management figures will take a 10 to 15 per cent reduction in their salary, including SIA CEO Goh Choon Phong, who will take a … Why are the 98,289 positive COVID-19 cases via serology tests not included in total tally? By Gaby Hinsliff. According to reports, SIA is cutting its senior management’s salaries by 10% to 15% starting March 1 and offering a voluntary no-pay leave scheme to employees, while Malindo Air will be imposing a 50% pay cut on its staff in addition to two weeks of … "Those who opt for this can be assured that the jobs will be there upon their return," the spokesperson said. The top management at Singapore Airlines has set an example for the rest of the staff by taking a pay-cut. Log in if you are already a subscriber. Re-employed captains will be the hardest hit, taking a 60 per cent pay cut. “We will continue to be proactive in implementing measures to meet the evolving challenges. SIA board members will take a 30 per cent cut in their fees. Tech entrepreneur Dan Price is working to curb the dangers of "unbridled capitalism." Save. Board members will also take a 15 per cent cut in their board fees from March to "show solidarity with the management and all staff". Southwest Airlines CEO Gary Kelly, who had a base salary of $750,000 in 2018, had his pay cut by 10%. SINGAPORE Airlines (SIA) has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction for other employees, and early retirement for pilots and ground staff, The Business Times understands. I will take a 15 per cent cut in my salary, the executive vice-presidents will take a 12 per cent cut, and the senior vice-presidents 10 per cent.”. Temporary salary cut reduces Emerson CEO's pay to $16.5 million Dec 14, 2020 Dec 14, 2020; 0 {{featured_button_text}} FILE PHOTO: David Farr, CEO of … Goh Choon Phong, the Chief Executive, Singapore Airlines, will also be taking a 15 percent pay cut. WITH the Covid-19 outbreak hobbling travel demand, Singapore Airlines (SIA) will be cutting salaries of senior management by 10 to 15 per cent starting March 1, and offering a voluntary no-pay leave scheme to employees. SINGAPORE — Singapore Airlines joins the growing list of Singapore companies in cutting pay for senior staff amid the coronavirus outbreak. The move comes after the airline announced that it is operating with less than it is 30 per cent capacity and currently getting back to normalcy in operations and network which may take a couple of months. SIA CEO earns total $5.5 million in last FY. Another investor who also wanted the CEO's pay cut suggested several outside candidates. Thng spoke in a email to his employees detailing such cuts and measures. Disney CEO Bob Chapek will be taking a 50% pay cut, according to the Hollywood Reporter. A voluntary no-pay leave scheme will be offered to staff. The lessons of the 2008 financial crisis are fresh in US CEOs’ minds, when bailout recipients such as insurance group AIG were forced to cut their leaders’ pay after a fierce public backlash. The computation includes the 10 per cent MVC cut. According to reports, SIA is cutting its senior management’s salaries by 10% to 15% starting March 1 and offering a voluntary no-pay leave scheme to employees, while Malindo Air will be imposing a 50% pay cut on its staff in addition to two weeks of … This comes following a joint proposal to implement a five to 20% pay cut for 40% of UK’s workforce, amounting to 1,600 workers. Coronavirus Vistara CEO to take 20% salary cut for July-December, employees to face upto 15% pay cut. Hong Kong bans flights from Britain over new virus strain, MOH preliminarily confirms 10 new cases of COVID-19; Total tally at 58,432, 32 companies in Singapore named among best companies to work for in Asia, Singtel and Ericsson to deploy high-end 5G network in Singapore, South Korea tightens Seoul curbs after record death toll, More than 70 percent of employers keen on hiring candidates for hybrid roles; highlights that supplementary skill sets a necessity, Top Hong Kong court upholds emergency protest mask ban, PSP’s Brad Bowyer clarifies his stance after fellow party member criticises him for “dangerous opinions” on COVID-19 measures, Women on the frontlines of Thailand’s democracy movement. Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram. In an employee email, chief executive Goh Choon Phong said he will take a 15% pay cut. In a note to the SIA staff yesterday, Goh said, “My management team will take the lead with a salary cut effective 1 March 2020. SIA has "moved decisively" to deal with the virus threat by taking steps to cut capacity, as well as reducing capital expenditure and operating costs, he noted. A copy of the circular was seen by TODAY. According to SIA Annual Report FY2018/19, Goh earns $1.4 million in salary or about $116K a month. Managers and above have taken pay cuts ranging between 12-35 percent, while the CEO has taken the largest cut of 35 percent. Sia defends portrayal of autistic character in new film ... pay cut. SIA will also offer a voluntary no-pay leave scheme for all staff up to Divisional Vice President (DVP) level. SINGAPORE — Singapore Telecommunications (Singtel) chief executive officer Chua Sock Koong saw her annual pay package nearly halved in what the telco said was a year hit by WITH the Covid-19 outbreak hobbling travel demand, Singapore Airlines (SIA) will be cutting salaries of senior management by 10 to 15 per cent starting March 1, and offering a voluntary no-pay leave scheme to employees. SIA considering no-pay leave for staff after more flights are cut According to ST, SIA is currently experiencing an excess manpower situation after cancelling over 3,000 flights between Feb to May. They had initially planned on a 15% cut. Qantas CEO Alan Joyce has taken a pay cut of $1.3 million after the struggling airline posted an annual loss of $2.8 billion last week. A copy of the circular was seen by TODAY. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. 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