This is a discussion on SPH to restore full pay cuts within the Local & Foreign Issues forum, part of the Community Lounge category; MEDIA group Singapore Press Holdings on Wednesday announced to its staff that it will restore the remaining portion of the ...
MEDIA group Singapore Press Holdings on Wednesday announced to its staff that it will restore the remaining portion of the pay cuts introduced in April 2009.
The company will also give a special one-off sum to its 4,000 staff to thank them for the sacrifice and contributions they have made.
These payments will be made by January, when SPH will fully restore the pay cuts, together with the annual increments, profit and performance related bonuses.
SPH cut the pay of its employees by between 2 and 10 per cent of their basic monthly salaries, depending on salary levels from April 1 last year due to the global economic downturn which affected the advertising market. But staff earning $2,000 or less a month were not affected.
In January this year, SPH restored half of the pay cuts and also made special payouts to staff who had taken a pay cut in 2009 . In July, SPH again made another special payout to staff for the pay cut.
Mr Alan Chan, SPH chief executive officer said on Wednesday: '2009 was a difficult year for many companies in Singapore and worldwide. SPH reacted promptly by implementing cost-cutting measures, which included wage cuts across the board. This has helped the Group in maintaining its profits in the last financial year.'
'We announced on Tuesday that the Group's recurring earnings for the year ended August 31 hit a record high of $539 million. Net profit after tax also improved to $498 million. The outstanding results achieved must be attributed to the hard work and dedication of the staff and I would like to express my heartfelt gratitude to all of them.'
Mr Chan also thanked the SPH unions for their understanding and cooperation.
SPH to restore full pay cuts