Due to the severe impact of the ongoing Covid-19 pandemic and slower-than-anticipated lifting of border controls and travel restrictions, the senior management of SIA Engineering Company says it has decided to take a further pay cut of 5% with effect from August 1.
“In the absence of a material uptick in flight activities across the world in the near term, the pace and extent of recovery for the aerospace maintenance, repair and overhaul business is uncertain,” says the company in an Aug 13 statement.
The latest pay cut is in addition to the previous pay cuts and on top of cost management measures implemented in previous months. Within the company, the pay cuts affecting senior vice presidents, the executive vice president and the CEO will increase from the current 15%-25% to 20%- 30%.
As at 9.16am, shares in SIA Engineering were trading flat at $1.84.
