Singtel’s Board of Directors to take 10% pay cut
Singtel's board of directors will take a 10 percent fee cut for the upcoming financial year in "a show of solidarity".
Singapore's largest telco also announced a slew of measures to support businesses and consumers during the coronavirus outbreak.
The move is the latest by Temasek-linked companies whose directors - such as those of Singapore Airlines and Certis - have announced pay cuts for themselves in recent weeks.
Earlier this month, Singtel had announced a wage freeze across the company, excepting operational and support staff, as part of its cost-cutting exercise amid weak business sentiment.
Beyond its measures for consumers and businesses, Singtel also said that it has raised $2 million from its staff to help vulnerable groups and healthcare workers. The management committee donated half of their monthly salary to the fund - in addition to other voluntary contributions from other directors and staff - which the company then matched dollar for dollar.
Singtel is also helping small- and medium-sized enterprises who have implemented work-from-home plans or split team arrangements by giving them six month's free usage of productivity, collaboration, and security tools.
"The businesses we depend on, the way we live our lives have been completely upended. People are having to stay home, businesses are trying to cope and survive," said Singtel group chief executive officer Chua Sock Koong.