Pay cut spreads to Statutory boards December 31, 2008Posted by @Karen_Fu in Economy, life challenges, Minister pay cut, statutary boards.
Tags: economic turmoil, Economy, global financial crisis, Ho Ching, pay cut, recession, Temasek holding, temasek holdings
Its the first time since I was born that top ranking government officials and heads at statutory boards take such a massive pay cut. Temasek holdings chief Ho Ching volunteers to have her annual pay cut by as much as 25%. This may well trigger other sectors of the economy to stand up and go for individual pay cuts. The aim for this is to keep jobs. Pay cuts are much higher for whiet collar jobs while the best is to not cut any for blue collar workers. Employers are also advised to not retrench workers. Instead they are advised to send their workers for skills upgrading/training, which the government will offer subsidize the cost of training.