Do you expect a pay cut?

[Zanter]

Leading by example?

 

SINGAPORE, Nov 21 - Singapore's state investor Temasek Holdings [TEM.UL] said on Friday it would cut pay across the board in a bid to slash costs as the firm projects tough economic conditions in 2009 and beyond.

 

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Temasek, headed by Ho Ching, the wife of Singapore's Prime Minister Lee Hsien Loong, said senior managers had volunteered to take a pay cut of between 15 and 25 percent.

 

"We anticipate a global recession in 2009 and possibly beyond. Therefore, Temasek will institute a firm-wide wage cut," said Robert Chong, managing director of human resources at Temasek.

 

Chong also said the current crisis "will throw up tremendous opportunities" and that the majority of wage savings will be borne by their key managers. Temasek said it aimed to increase headcount by 15 percent over the next two years.

 

Temasek owns stakes in global banks such as Standard Chartered , Barclays , Merrill Lynch , Bank of China <601988.SS> and India's ICICI Bank , the stocks of which have all fallen as the credit crisis unfolded, some of them very sharply.

 

Final government data released on Friday confirmed that Singapore was in recession. The city-state's economy shrank at a worse-than-expected rate of 6.8 percent on an annualised and seasonally adjusted basis in the third quarter, and the government said the economy may shrink next year.

[Albeniz]

Not expecting a pay cut in my sector. But I won't expect increment as well as bonus.

[Wt_know]

leading by example OR to appease the public that Temasek had made bad investments lately, which expect some-to-great losses ?

 

wayang wayang abit

Edited November 22, 2008 by Wt_know

[Albeniz]

What is the status of Chartered Semiconductor now?

http://www.eetimes.com/showArticle.jhtml;j...cleID=212002266

 

Anyone has any updates?

[Kenneth_06]

you were from there previously right?

 

they are having 5% wage reduction across the board for engineers, your old job..

 

got a friend who is finishing her PhD intending to join chartered, i was like come on loh.. you are a NUS scholar being fully paid for Phd and receiving a stipend... but she wanted to do other things except academia...

 

she has 1st class honours, i feel its a waste leh... she said her senior who is also a Phd joined chartered last time.. his starting pay is abuot $4.5k

 

any advice you can give to my friend, i know you are also a Phd

[Marquee]

senior managers had volunteered to take a pay cut of between 15 and 25 percent?

 

Meaningless statement!!! How many senior managers are there? How much can it save by doing a volunteered pay-cut? What are "benefits" to take a pay cut?

 

IMO, it is just a PR exercise to tell the public that they are doing "something" in line with the economy.

[M1122]

Aiyah even company dun cut pay next year govt sure cut CPF....its only a matter of time.

[Shull]

well..1 senior manager taking 15-25% pay cut can mean something up to 50-100k annually. That amount can pay dunno how many low level employee liao..

[Chongster]

at the rate it is going, every employer out there will use this as an excuse to give pay cuts !!!

 

today got special feature on PRCs in ST; i think govt trying to pyscho us not to hate them. it's so freaking lame.

[Romanc88x]

Normal workers pays are not high, every cut is really painful. Hope it is short term.

[Marquee]

No doubt one senior pay cut can support mid / low level employees. I welcome that and would see many can avoid being retrenched.

 

My personal point is, Ta-ma-si never indicate if those pay cut is "condition free" or is the "pay-cut" itself is already in the pay structure which peg with performance of investment.

 

Few years ago, HDB retrenched some senior staffs, pay out huge benefits. Sounds bad? Not really! Those were "re-employed" again by HDB Subsidiary.(okie...I dun rem the exact name of the organisation...but definitely can find the information in Business Times).

 

Given the fact that Ta-ma-si has never being transparent in whatever they do, why would they bother to tell the public about the pay-cut? More to it, volunteer pay cut? hee hee.... so noble....such a BIG sacrifice..

 

Good PR exercise.

[Chosenone]

hmm..maybe they got a raise of 12-25% b4. so what the heck for them, still got the the big buck salary also. Just like giving consumer discount, mark up 200%, send flier to tell customer they give 20% discount.

[Chosenone]

Aiyah even company dun cut pay next year govt sure cut CPF....its only a matter of time.

when government urge employers to raise, they wait long long and see. when government gives green light to cut pay, almost immediately it is being implemented. Even when the economy is good, the employer dont give reward by saying not making, need to renovate and all kind of craps.

[Ngck]

surbana corp

[Hub_n_mona]

We are expecting a pay increment freeze and no bonus until end 2010..probably no retrenchment but whoever leaves will not be replaced..employer market once again

[Devilmaycry]

Normal workers pays are not high, every cut is really painful. Hope it is short term.

 

It's gonna be longterm be prepared for the worst. Many retrenchments from all sectors are going to happen real soon in 2009. It will be a tough year ahead with no increment and bonus .

[Devilmaycry]

What is the status of Chartered Semiconductor now?

http://www.eetimes.com/showArticle.jhtml;j...cleID=212002266

 

Anyone has any updates?

 

It's gonna be erased from this tiny dot....

[Booboon]

dont waste yr time in chrt lah, its a sinking ship.

 

u just look at their top executives lor, always fly to usa for 'biz'. infact just to earn kris flyer miles for the benefit of their familes.