Singapore Press Holdings (SPH), one of Asia's leading media organizations, announced that its board members will take a voluntary 10 percent reduction in directors' fees, and the salary of those in senior management will be cut.
SPH, which owns The Business Times, said in a statement that the move is "an expression of sympathy and solidarity with fellow Singaporeans facing the threat of the Covid-19 pandemic,"
The Chief Executive Officer of SPH Ng Yat Chung will take a pay cut of 10 percent and the senior management staff will have their salaries cut by 5 percent. The cuts start next month and will be reviewed at the end of the year.
"The global pandemic has affected our businesses and posed challenges to our stakeholders. We have volunteered the pay cuts to better position ourselves to ride out this difficult time with our stakeholders," said Ng.
The SPH Foundation will also be donating S$100,000 to The Courage Fund to help families, individuals and those affected by the Covid-19 pandemic.
“The fee and pay cut is a gesture of the Board and senior management team’s resolve to navigate these difficult times together with our stakeholders," said Said SPH chairman Lee Boon Yang.