Coronavirus: SPH administrators, senior administration take pay cuts; SPH Reit to totally cross on rebates to tenants

Coronavirus: SPH directors, senior management take pay cuts; SPH Reit to fully pass on rebates to tenants

SINGAPORE (THE BUSINESS TIMES) – Singapore Press Holdings (SPH) board members will take a voluntary 10 per cent discount in administrators’ charges, and the wage of these in senior administration will probably be reduce.

The transfer comes as “an expression of sympathy and solidarity with fellow Singaporeans going through the specter of the Covid-19 pandemic”, mentioned SPH on Thursday (March 26).

SPH chief govt officer Ng Yat Chung will take a pay reduce of 10 per cent; senior administration employees may have their salaries reduce by 5 per cent. The cuts begin subsequent month and will probably be reviewed on the finish of the 12 months.

“The worldwide pandemic has affected our companies and posed challenges to our stakeholders. We’ve got volunteered the pay cuts to raised place ourselves to journey out this troublesome time with our stakeholders,” mentioned Mr Ng.

SPH Reit (actual property funding belief) additionally mentioned on Thursday that it’ll absolutely cross on the property tax rebate to its tenants “in a focused method”. This comes after Deputy Prime Minister Heng Swee Keat introduced that qualifying business properties pays no property tax in 2020, and companies in different non-residential properties will get a rebate of 30 per cent.

“SPH Reit will cross on absolutely the property tax rebate obtained from the Singapore authorities for its Singapore property to qualifying tenants adversely impacted by Covid-19,” it mentioned in its assertion.

SPH Reit supervisor’s board of administrators will probably be taking a 10 per cent reduce of administrators’ charges. Chief govt officer of SPH Reit Susan Leng will even take a pay reduce of 10 per cent; different senior employees will take pay cuts of 5 per cent. The cuts will probably be efficient from subsequent month and be reviewed on the finish of the 12 months.

Individually, SPH Basis will probably be donating S$100,000 to The Braveness Fund to assist households, people and people on the frontline who’re affected by the continuing pandemic.

Mentioned SPH chairman Lee Boon Yang: “The continued Covid-19 public well being disaster has severely impacted Singapore’s financial efficiency. SPH shouldn’t be proof against the coronavirus’ influence. The charge and pay reduce is a gesture of the Board and senior administration group’s resolve to navigate these troublesome instances along with our stakeholders.”

Earlier initiatives by SPH, which publishes The Straits Instances, to assist these affected by the Covid-19 outbreak embody donations and a partnership with Samsung to present out its Information Pill and digital subscriptions to sufferers and people who’re being remoted or quarantined within the hospitals and quarantine centres.

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