Temasek Introduces Salary Restraint Measures
Temasek, a global investment company headquartered in Singapore, has announced that it is introducing a range of salary restraint measures during the current COVID-19 situation.
These measures include wage freezes for all staff during our April compensation cycle, although the duration will be determined by market conditions, according to a press release.
The firm have also stated that senior management staff are to take a partial cut in the variable component of their base compensation, and the voluntary salary sacrifice by senior staff of up to 5% of their base salaries for up to one year where the proceeds will be donated to Temasek’s staff volunteer initiative, T-Touch, to support public health infectious diseases emergencies globally, with dollar-for-dollar matching by Temasek.
Temasek have implemented salary freezes and reductions several times in the past, including during SARS and the Global Financial Crisis. These actions are part of the firm’s commitment to stand as one firm in support of its portfolio companies and the wider community, according to the press release.
It is an important demonstration of Temasek’s ownership mindset, sharing gains and pains alongside the firm’s shareholder, and supporting the firm’s wider communities.