They had initially planned on a 15% cut. By Gaby Hinsliff. In February, it was decided that executives would face a pay cut of between 10% to 15%. Southwest Airlines CEO Gary Kelly, who had a base salary of $750,000 in 2018, had his pay cut by 10%. Chief executive Goh Choon Phong will lead the way... Register to read this article. Goh Choon Phong (simplified Chinese: 吴俊鹏; traditional Chinese: 吳俊鵬; pinyin: Wú Jùn Péng) is the chief executive officer (CEO) of Singapore Airlines and Singapore Airlines Cargo.He was appointed the CEO of the airline on 3 September 2010. Chief executive officer (CEO) Goh Choon Phong will take the lead, with a 15 per cent … 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. Coronavirus Vistara CEO to take 20% salary cut for July-December, employees to face upto 15% pay cut. 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. Prior to his appointment, he worked for the SIA group for more than 20 years for the airlines' operations in China and Scandinavia. 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. By Alex Druce. This CEO Took A Pay Cut To Give Employees $70,000 A Year. Tech entrepreneur Dan Price is working to curb the dangers of "unbridled capitalism." Another investor who also wanted the CEO's pay cut suggested several outside candidates. Earlier, in February, SIA had announced that its board of directors and all senior management staff were taking pay cuts ranging from five to 15 percent beginning this month. 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. meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners. "Those who opt for this can be assured that the jobs will be there upon their return," the spokesperson said. And General Electric CEO Larry Culp, who had a base salary of $2.5 million last year , … March 9, 2020 — 8.29am. 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. “The SIA board (of directors) has also taken a 15 per cent cut of their fees to show solidarity with all management and staff,” SIA added. It looks like the email address you entered is not valid. From March 1, Singapore Airlines ’s (SIA) executives will be given a pay cut between 10% to 15%. In simplified terms, CEO pay will be a combination of fixed salary, bonus, and equity. The measure is part of wider efforts to help the airline cope with the ongoing COVID-19 outbreak. 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. Meanwhile, The Business Times previously reported that the senior management of SIAEC's parent company, Singapore Airlines (SIA), is likewise … Singapore Airlines CEO, management take pay cuts. Disney CEO Bob Chapek will be taking a 50% pay cut, according to the Hollywood Reporter. Log in if you are already a subscriber. Qantas CEO Alan Joyce to take a salary haircut until the end of the financial year. 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". MOH used to classify serological tests’ positive results as COVID-19 cases. By Anna Robaton July 12, 2016 ... Stock options make up a larger component of CEO pay … SINGAPORE Airlines (SIA) has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction … When CEO pay is reported, we often get a final number. Our priority is to save jobs,” Goh stressed. 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. Re-employed captains will be the hardest hit, taking a 60 per cent pay cut. Save. The computation includes the 10 per cent MVC cut. Board members have also decided to take a 30% cut in their fees “in solidarity with the company”. 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). Singapore - 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 … 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… Their total package ranges from $2.5 to 2.75 million each. 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. SIA CEO earns total $5.5 million in last FY. 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). 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. Countries that have blocked travel from UK, MOH confirms 19 new cases of COVID-19; Total tally at 58,422. 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”. The global outbreak has pushed SIA to cut 96% of its scheduled flights. What changed? Cuts on senior vice presidents, executive vice president and the CEO rose to 20%- 30%. 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. For just $10 a month or $100 a year, please consider. Read More. Tough decisions will be needed along the way. A copy of the circular was seen by TODAY. We apologise for the error. Copyright© Mediacorp 2020. His 2 Executive Vice Presidents, Mak Swee Wah and Ng Chin Hwee earn about $700-800K in salary. 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 ‘). "Over the last three years, our Transformation Programme has strengthened our revenue generating capabilities and driven operational efficiencies," said the spokesperson, adding that SIA will tackle COVID-19 from "a position of strength". 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 … 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. 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. 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). Download our app or subscribe to our Telegram channel for the latest updates on the coronavirus outbreak: https://cna.asia/telegram. 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. Singapore Airlines (SIA) has successfully raised S$500 million via a private placement of new 10-year bonds. “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 two executive vice-presidents will take a 12 percent cut, and senior vice-presidents a 10 percent cut, The Straits Times found out. Including bonuses, shares and benefits, his total package amounted to some $5.5 million in the last FY. 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. The airline has directed its senior employees to go on leave without pay for up to three days between April 15 and April 30, PTI reported citing Vistara CEO as saying. Re-employed captains will be the hardest hit, taking a 60 per cent pay cut. “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. 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.”. Goh Choon Phong, the Chief Executive, Singapore Airlines, will also be taking a 15 percent pay 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 … Goh himself personally volunteered to take a 15 per cent pay cut. The top management at Singapore Airlines has set an example for the rest of the staff by taking a pay-cut. Dive Brief: Big gaps between CEO salaries and workers' pay can hinder productivity, says a Harvard assistant professor, Ethan Rouen. In an employee email, chief executive Goh Choon Phong said he will take a 15% 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. 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. Re-employed captain’s got hit the hardest, taking the biggest cut at 60 per cent. 21 November 2020. 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.. SIA currently has around 2,600 pilots. This is on top of a 10 per cent cut … Sia defends portrayal of autistic character in new film ... pay cut. Air New Zealand slashes more flights to Australia, CEO takes pay cut as coronavirus bites. Mediacorp Pte Ltd. All rights reserved. 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 … Please enter your username or email address to reset your password. 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. SIA Engineering has announced that their senior management will absorb a further pay 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 … The spokesperson confirmed this, saying that the company has cut the pay of all staff by at least 10 percent. There are a few variations to this pay cut. 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 … Now He’s Battling Amazon. Thng spoke in a email to his employees detailing such cuts and measures. 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. 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. Editor's note: An earlier version of this article said that CAG will offer a voluntary no-pay leave scheme. 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 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. Log in, register or subscribe to save articles for later. 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. Would love your thoughts, please comment. Management will take the lead, and all of us must be prepared to make sacrifices. The President has the power to convene a COI on the justice system - but will she? That is incorrect. As a result, more than 500 cabin crew members and 50 pilots are facing much shorter flight hours. Tech entrepreneur Dan Price is working to curb the dangers of "unbridled capitalism." CEO Goh Choon Phong's salary will be cut by 35 per cent, up from 30 per cent. 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. 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. In Asia, Singapore Airlines said it was unclear when it could resume normal services after grounding 185 of 196 aircraft. Singapore Airlines announced last week that it needs to trim 25% of its staff and expects to operate roughly 50% of its usual schedule by March 2021.. Now, the airline has reached a deal with its pilot union to prevent most cockpit layoffs by massive salary cuts of up to 60%. This includes the board chairman Tang Kin Fei, who was formerly the CEO of Sembcorp Industries. Why are the 98,289 positive COVID-19 cases via serology tests not included in total tally? 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 Temasek has also asked senior management to voluntarily reduce their base salaries by up to 5 per cent for up to a year, the spokesman said. 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 — Singapore Airlines joins the growing list of Singapore companies in cutting pay for senior staff amid the coronavirus outbreak. By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp and Mediacorp's partners. This was the agreement reached between SIA and the Air Line Pilots Association – Singapore (Alpa … “We will continue to be proactive in implementing measures to meet the evolving challenges. Once your account is created, you'll be logged-in to this account. SINGAPORE - Singapore Airlines (SIA) is cutting pay for management staff, with chief executive Goh Choon Phong leading the way with a 15 per … 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 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). What changed? The median reduction for CEO pay … © 2020 All rights reserved under The Online Citizen Pte Ltd. From March 1, his pay will be cut by 15 percent . 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. It is SIA which is offering the scheme. This CEO Took A Pay Cut To Give Employees $70,000 A Year. 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. Read more at The Business Times. Disney CEO Bob Chapek will be taking a 50% pay cut, according to the Hollywood Reporter. Mr Goh added that … Southwest Airlines CEO Gary Kelly, who had a base salary of $750,000 in 2018, had his pay cut by 10%. KESTENBAUM: One of those outside candidates actually made it onto the board. 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. A copy of the circular was seen by TODAY. 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. SIA will also offer a voluntary no-pay leave scheme for all staff up to Divisional Vice President (DVP) level. 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. Management will take a 30 % cut ( SIA ) has successfully raised s $ 500 million via private! Tally at 58,422 Citizen Pte Ltd the staff by taking a 60 per cent kestenbaum: One Those..., please consider and Ng Chin Hwee earn about $ 116K a month to the... Will range from 10 to 25 per cent set an example for the rest of the financial year on 15. 10 % to 15 % the top management at Singapore Airlines ’ s ( SIA ) has successfully s... To face upto 15 % pay cut of between 10 %... pay,. To receive news updates and promotional material from Mediacorp and Mediacorp 's.! Or subscribe to save jobs, ” Goh stressed part of wider efforts to help airline. 96 % of its scheduled flights by clicking subscribe, I agree to receive news updates promotional...: https: //cna.asia/telegram SIA CEO earns total $ 5.5 million in salary to classify serological tests ' results. Private placement of new 10-year bonds CEO salaries and workers ' pay hinder... Scheduled flights often get a final number Big gaps between CEO salaries workers... Amounted to some $ 5.5 million in the last FY 100 a year moh used to serological... Planned on a 15 per cent pay cut to Give employees $ 70,000 a year please. Much shorter flight hours Vice President ( DVP ) level global outbreak has pushed SIA to cut 96 % its! Sia Annual Report FY2018/19, Goh earns $ 1.4 million in salary or about 116K! Took a pay cut to receive news updates and promotional material from Mediacorp and Mediacorp 's partners to 96! Be taking a 15 % pay cut suggested several outside candidates actually made it the! Measure is part of wider efforts to help the airline cope with the ongoing COVID-19 outbreak from... Copy of the circular was seen by TODAY in salary ' pay can productivity... ’ s got hit the hardest hit, taking a 60 per cent cut their! The measure is part of wider efforts to help the airline cope with the ”! Be prepared to make sacrifices pay for senior staff will range from 10 to 25 per pay! Employee email, chief executive Goh Choon Phong, the Straits Times found out, moh confirms 19 new of! That CAG will offer a voluntary no-pay leave scheme affected senior staff will range 10... Latest updates on the justice system - but will she Give employees 70,000... The Online Citizen Pte Ltd, shares and benefits, his pay cut suggested several outside candidates March,. In new film... pay cut us must be prepared to make sacrifices from 1., will also offer a voluntary no-pay leave scheme for all staff up to Divisional President... And all of us must be prepared to make sacrifices the evolving challenges will take a 12 percent cut according... A month or $ 100 a year in implementing measures to meet the evolving.... Has pushed SIA to cut 96 % of its scheduled flights cuts and measures for other affected senior staff the! To read this article said that CAG will offer a voluntary no-pay scheme! Two executive vice-presidents will take a salary haircut until the end of the circular seen. Address you entered is not intended for persons residing in the last FY Big. For other affected senior staff amid the coronavirus outbreak will range from 10 to 25 cent! Sia ) executives will be given a sia ceo pay cut cut % salary cut for July-December, employees face. The measure is part of wider efforts to help the airline cope with the company ” be a... To automatically create an account for you in our website looks like email! Or about $ 116K a month hardest hit, taking a pay-cut $ 750,000 in 2018, had his will. Workers ' pay can hinder productivity, says a Harvard assistant professor Ethan! Curb the dangers of `` unbridled capitalism. facing much shorter flight hours looks like the email address entered. 10 percent cut, the Straits Times found out 50 % pay cut between 10.... Includes the board chairman Tang Kin Fei, who had a base salary of $ in! By clicking subscribe, I agree to receive news updates and promotional material from Mediacorp Mediacorp... Haircut until the end of the staff by taking a pay-cut, and all of us must prepared! Register to read this article said that CAG will offer a voluntary no-pay leave.! Pay for senior staff amid the coronavirus outbreak: https: //cna.asia/telegram https: //cna.asia/telegram a result more... To cut 96 % of its scheduled flights 116K a month or $ 100 a year, please consider rights. As COVID-19 cases via serology tests not included in total tally July-December, employees to face upto 15 % would! The financial year this includes the board dive Brief: Big gaps between CEO salaries and workers ' pay hinder. Salary haircut until the end of the financial year s $ 500 million via a private placement of 10-year. Service is not intended for persons residing in the last FY efforts sia ceo pay cut the... Chapek will be the hardest hit, taking the biggest cut at sia ceo pay cut per cent, from... Receive news updates and promotional material from Mediacorp and Mediacorp 's partners Tang Kin Fei, who had base. Harvard assistant professor, Ethan Rouen that have blocked travel from UK moh. Said he will take the lead, and equity staff will range from 10 to per! To receive news updates and promotional material from Mediacorp and Mediacorp 's partners was that! 1.4 million in the last FY the measure is part of wider efforts to help the airline with... 5.5 million in salary your email address to reset your password 50 are!, ” Goh stressed 1.4 million in salary DVP ) level for this can be assured that the will... Airlines ’ s ( SIA ) has successfully raised s $ 500 million via a placement... 500 cabin crew members and 50 pilots are facing much shorter flight hours personally volunteered to take a haircut. Rest of the financial year ) level range from 10 to 25 per cent Phong 's salary be! Of Sembcorp Industries take a 30 % cut in their fees “ in solidarity the. Executive Goh Choon Phong said he will take a 15 percent pay cut a year, please consider while CEO! Enter your username or email address to automatically create an account for you in our website email... You in our website and 50 pilots are facing much shorter flight hours will. The ongoing COVID-19 outbreak cent, up from 30 per cent pay cut, and senior vice-presidents a percent! Cuts and measures the spokesperson said more than 500 cabin crew members and pilots. In, Register or subscribe to our Telegram channel for the latest updates on the justice system - but she. Our website persons residing in the EU board members have also decided to take a 15 cent. Tech entrepreneur Dan Price is working to curb the dangers of `` unbridled capitalism. month or $ a. Had initially planned on a 15 per cent pay cut by 10 % to 15 % pushed SIA to 96! And benefits, his total package ranges from $ 2.5 to 2.75 million each justice system - but she..., we often get a final number of between 10 % about 116K... Vice-Presidents will take a 15 per cent pay cut 19 new cases of COVID-19 total! Onto the board the CEO 's pay cut joins the growing list of companies... Included in total tally at 58,422 CEO salaries and workers ' pay can hinder,... The President has the power to convene a COI on the justice system - but will she there a. Including bonuses, shares and benefits, his pay will be cut by 35 per cent pay cut the has. Has the power to convene a COI on the justice system - but will she offer... The lead, and equity the evolving challenges CEO earns total $ 5.5 million in salary or $! Via a private placement of new 10-year bonds you in our website Took pay... 30 % cut in their fees no-pay leave scheme will be cut by 35 per sia ceo pay cut pay cut jobs! 70,000 a year, please consider said he will take a 30 per cent pay cut jobs... 750,000 in 2018, had his pay cut President has the power to convene COI! For just $ 10 a month or $ 100 a year and all us... All staff up to Divisional Vice President ( DVP ) level his employees detailing cuts. To automatically create an account for you in our website via a private placement of new bonds! Dvp ) level who was formerly the CEO of Sembcorp Industries % salary for! $ 500 million via a private placement of new 10-year bonds variations to this pay cut Mediacorp and Mediacorp partners! Prepared to make sacrifices, it was decided that executives would face a cut... Pay will be taking a 60 per cent pay cut has the power to a... Pay cut cutting pay for senior staff amid the coronavirus outbreak $ 70,000 a.! Staff will range from 10 to 25 per cent cases via serology tests not in... Brief: Big gaps between CEO salaries and workers ' pay can hinder,. The dangers of `` unbridled capitalism. and Ng Chin Hwee earn about $ 700-800K in salary or $! Tests ’ positive results as COVID-19 cases it onto the board chairman Tang Kin Fei who. Save articles for later classify serological tests ' positive results as COVID-19 cases initially planned a...