Singapore investment managing company, Temasek, is introducing a range of salary restraint measures in response to the Covid-19 outbreak.

Salary restraint measures

In response to Mothership queries, these measures include wage freezes for all staff during its upcoming April compensation exercise.

The duration of the freezes will depend on market conditions.

Senior management staff, which includes the managing directors and positions ranked above will also take a partial cut in the variable component of their base compensation.

Senior staff members can also take a voluntary salary cut of up to 5 per cent of their base salaries for up to one year and the proceeds will be donated to Temasek’s staff volunteer initiative, T-Touch, to support public health infectious diseases emergencies globally, with dollar-for-dollar matching by Temasek.

A move to show support to portfolio companies

Cutting pay in Temasek is not new.

Such measures have been implemented in the past, such as during SARS outbreak and the global financial crisis.

These salary restraint measures are part of Temasek's commitment to "stand as one firm in support of its portfolio companies and the wider community", its spokesperson added.

"It is an important demonstration of our ownership mindset, sharing gains and pains alongside our shareholder, and supporting our wider communities."

Top photo via Temasek website