InfoAnda - Union lauds CapitaLand’s move to cut costs and save jobs

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: Union lauds CapitaLand’s move to cut costs and save jobs Channel NewsAsia - Thursday, December 4 SINGAPORE: The Singapore Industrial and Services Employees’ Union (SISEU) said it appreciates CapitaLand approaching the union in advance to discuss its plans to cut costs and save jobs. The property developer said on Wednesday that executive—level staff will take pay cuts of between three and 20 per cent as part of the company’s cost management measures. In an earlier statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. President and CEO Liew Mun Leong will bear the maximum salary reduction of 20 per cent. According to CapitaLand’s annual report, Mr Liew earned S$1.15 million in base salary in 2007 and was paid S$5.35 million in bonuses. All salary reductions will take effect in January 2009. SISEU said it understands that "it is prudent for the company to take pre—emptive action to strengthen its financial position even though it is still profitable." It added that this will enable the company to fulfil its commitment to avoid staff retrenchments. SISEU has started working with CapitaLand and the Singapore Workforce Development Agency to identify suitable programmes under the Skills Programme for Upgrading and Resilience (SPUR) for staff to undergo training in the next few months. — CNA/vm Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore MND announces another 10 temporary dorm sites for foreign workersChannel NewsAsia - 52 minutes ago Donations in kind to Salvation Army double this festive seasonChannel NewsAsia - 1 hour 5 minutes ago Director—General of UNESCO to visit SingaporeChannel NewsAsia - 1 hour 31 minutes ago CATS musical returns to S’pore in April 2009Channel NewsAsia - 1 hour 37 minutes ago Indonesia to host ASEAN foreign ministers' meetingReuters - 1 hour 56 minutes ago Enlarge Photo Union lauds CapitaLand’s move to cut costs and save jobs Most Popular – Singapore Viewed Wall Street plunges as recession becomes reality Sweden to come to rescue of struggling carmakers Saab and Volvo World stocks tumble as economic fears deepen Love handles increase death risk: study Islamist leader calls on pirates to free ships View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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