Singapore's Temasek to freeze pay, pare bonuses amid virus outbreak

FILE PHOTO - A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Su

Temasek Holdings Pte, Singapore’s state-owned investment firm, is implementing a company-wide wage freeze for an as yet undetermined period and asking senior management to take voluntary pay reductions for up to a year amid the coronavirus outbreak.

The moves, which start in April, will see Temasek halt all raises and salary increases linked to promotions for a duration to be “determined by market conditions,” according to an emailed statement Tuesday. The firm will also introduce partial cuts to the annual bonuses of senior management, who have also been asked to voluntarily lower their base salaries by as much as 5%.

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