Temasek freezes staff salaries from April to raise funds

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    Source : The Straits Times

    National investment firm Temasek will be freezing the salaries and promotion increments of its staff from April to help raise funds for people affected by the coronavirus outbreak.

    In addition to these freezes, senior management, which includes managing directors and above, can take a voluntary base salary cut of up to 5 per cent, for up to a year.

    Temasek said yesterday that the budget originally set aside for employees’ salary increases will be donated to T-Touch, Temasek’s staff-volunteer initiative, to support communities, both locally and abroad, when needed during this time.

    The voluntary base salary reductions from senior management will also be donated, and matched dollar-for-dollar by Temasek.

    On top of these actions, senior management will additionally take a partial cut in their annual bonuses this year.

    These will not go directly to T-Touch, but will be held by Temasek as a contingent expense, to be used for future community-related efforts to support those affected by the virus.

    The various funds collected from these measures will go towards Temasek’s ongoing initiatives, which recently have included preparing and repackaging hand sanitisers for front-line workers, such as those in healthcare, transport, security and education.

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