Many businesses in Singapore have been affected during this trying Covid-19 period.
Adding on to that list is homegrown bakery BreadTalk.
BreadTalk cutting salaries
Following the Covid-19 outbreak, BreadTalk Group will be temporarily cutting between 10 to 50 per cent of staff salaries as part of a cost-saving exercise, which would affect those in Singapore.
In a report by The Business Times, senior management executives will be taking a pay cut of between 30 to 50 per cent from March until June.
Middle-management executives in Asean countries will be taking a pay cut of between 10 to 15 per cent.
Employees in China and Hong Kong will also face a pay cut of between 30 to 50 per cent from February to June.
This cost-saving measure will affect about 1,840 employees in China and Hong Kong, as well as 137 employees in Asean countries, BT reported.
Staff members are required to provide their consent before they are subject to the measures.
These pay cuts are apparently taking place only after other cost-saving measures had been implemented, including no-pay leave, shorter operating hours, controlled overtime hours and stopping business-related travel and entertainment activities for employees.
In January this year, it was reported that Chan Ying Jian, who is both chief financial officer (CFO) and chief investment officer (CIO) of BreadTalk Group had resigned.
He was promoted to CIO in October 2019 and had been the CFO since June 2015.
In a financial report released on Feb. 24, the group made a loss of S$5.2 million in 2019.
It is also planning to delist from the SGX (Singapore Exchange Securities Trading Limited).
Top image by BreadTalk’s Facebook page