Temasek Bosses Take Pay Cut Of Up To 25%

TODAY ran this article today:

Amid calls for employers to lead by example during these tough times, Temasek Holdings announced on Friday that its senior managers had volunteered to take salary cuts of 15 to 25 per cent as part of a company-wide wage reduction.

At the same time, the company also plans to beef up its staff strength over the next two years.

“We anticipate a global recession in 2009 and beyond,” said Mr Robert Chong, Temasek’s managing director for human resources. He said that nearly 90 per cent of the wage saving will be borne by key managers.

While the company is tightening its belt, it said that as a long-term investor, the current turmoil will throw up “tremendous opportunities”.

It aims to increase its headcount by15 per cent over the next two years. “This is part of our longer term plan to have staff strength of about 500,” Mr Chong said in a statement on Friday night.

Temasek, which manages a portfolio worth $185 billion, has about 350 employees, :according to the most recent annual review on its website.

The voluntary pay cuts by Temasek’s top bosses could be followed by senior executives elsewhere.