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Singapore Airlines CEO, management take pay cuts

06/24/2009| 10:05:07 AM| 中文

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)

TAGS: Singapore Airlines
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