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Thread: Pay cuts at Temasek

  1. #1

    Default Pay cuts at Temasek

    Pay cuts at Temasek

    90% of wage savings borne by Temasek's key managers. -Reuters
    Francis Chan

    Sat, Nov 22, 2008
    Reuters

    Singapore's state investor Temasek Holdings 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.


    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 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.

    Source :- http://www.asiaone.com/print/Busines...21-102482.html

  2. #2
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    Default Re: Pay cuts at Temasek

    pay cut 25% so not to loose own job then when economy picks up, they increase 35% which is normal practice for them. my question will be, will your salary increase like them too?

  3. #3

    Default Re: Pay cuts at Temasek

    Quote Originally Posted by Nisa View Post
    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.
    "Volunteered" always sounds nicer for the news.

  4. #4

    Default Re: Pay cuts at Temasek

    Quote Originally Posted by jacob View Post
    pay cut 25% so not to loose own job then when economy picks up, they increase 35% which is normal practice for them. my question will be, will your salary increase like them too?

    no .. coz they VOLUNTEER to cut ma.. did you ?

  5. #5
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    Default Re: Pay cuts at Temasek

    how can cut their salary, we should give them pay rise so that they will not be corrupted
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    Default Re: Pay cuts at Temasek

    Quote Originally Posted by Tianz16 View Post
    no .. coz they VOLUNTEER to cut ma.. did you ?
    those kena kicked out how to volunteer?

  7. #7

    Default Re: Pay cuts at Temasek

    come on... prime minister wife... is the amount earn by her husband not enough???

  8. #8

    Default Re: Pay cuts at Temasek

    this is just wayanging. the money will eventually goes to their pockets.

  9. #9

    Default Re: Pay cuts at Temasek

    Pay cut.. 50% also not 1 million $$$ per annual i think. They already taken huge bonuses previous years liao, this one is a small sacrifice for all the other unlisted blunders.
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  10. #10

    Default Re: Pay cuts at Temasek

    We need to pay good money for elites to run Temasek, so cannot cut too much. Even when they lose so much $$$ in the American Banks, we must move on...

  11. #11

    Default Re: Pay cuts at Temasek

    cut not happy
    no cut not happy

    very hard to please

  12. #12
    Senior Member redstone's Avatar
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    Default Re: Pay cuts at Temasek

    Quote Originally Posted by night86mare View Post
    cut not happy
    no cut not happy

    very hard to please
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