Singapore Airlines CEO, management take pay cuts
Singapore - The CEO of Singapore Airlines, the world's biggest by market value, will take a 20 percent pay cut as the carrier looks to cut costs after seeing profits battered by weak travel demand and volatile oil prices.
CEO Chew Choon Seng´s management will also see cuts of between 10 and 20 percent from July, while the directors have volunteered for a cut in fees of 20 percent.
The airline said in a statement it had also agreed with its more than 2,300 pilots to take one day of unpaid leave a month. The airline has cut capacity this year on a slump in business class passenger travel and cargo demand.
It said these measures would save S$21 million ($14.4 million) this financial year. Other Singapore firms have also cut pay instead of laying off workers, while government ministers have seen reduced performance-related pay in the city-state´s worst ever recession.
The global aviation industry is expected to lose $9 billion this year, the International Air Transport Association forecast this month. The CEO of British Airways BA.L, Willie Walsh, is working for no pay next month. ($1=1.455 Singapore Dollar)