SPH slashes staff pay

• SPH announces pay cuts for 3000 staff
• Effective 1 April
• Cuts are between 2% and 10% for each staff member
  

Singapore – Feeling the twin pressures of the downturn and a weaker advertising market, media giant Singapore Press Holdings (SPH) has been forced to introduce wage cuts for 75% of its workforce.

The cuts in monthly pay for 3000 staff, which will take effect from 1 April, will be between 2% and 10% for each staff member. SPH said higher paid staff will take the brunt of the pay cuts. In total SPH has close to 4000 staff.

"We need to bring our costs down in the face of a weaker advertising market and uncertain business environment. It is imperative that we prepare for a longer than expected downturn so that we can emerge stronger when the economy recovers,” Alan Chan, CEO of SPH, said.

In addition to the pay cuts, SPH has also introduced a range of cost-cutting measures which include a recruitment freeze and a reduction in operating expenses.

SPH claims senior management staff will take the highest reduction, expected to be about 30% of their total annual remuneration.