Companies may consider temporary wage cuts to minimise retrenchments: National Wages Council

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SINGAPORE: Companies that have already exhausted other cost-saving measures should consider implementing temporary wage cuts, but only to the ...

SINGAPORE: Companies that have already exhausted other cost-saving measures should consider implementing temporary wage cuts, but only to the extent needed to minimise retrenchments, said the National Wages Council on Friday .

Under the system, variable components should make up 30 per cent of the annual wage package for rank-and-file workers, 40 per cent for middle management and 50 per cent for senior management. Unionised companies should where applicable negotiate and agree on any wage adjustments and implementation of flexible wages with the union, it added.The council repeated its call for special consideration to be given to low-wage workers, and said that employers who are cutting salaries should implement a wage freeze instead of pay cuts for workers earning a basic monthly wage of S$1,400 or below.

 

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