With effect from March 15, the group’s chief executive officer and executive vice president will take pay cuts of 12% and 10%, respectively.
Its senior vice president and vice presidents will take cuts of 8% and 7% respectively from Apr 15, while senior managers and managers will take a cut of 5% from May 15.
SIAEC has also offered a voluntary no-pay leave scheme to all staff.
The SIAEC board of directors has also volunteered a 12% reduction in fees accruing with effect from Apr 1.
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The group says it has also taken various other measures to control costs, including cutting non-essential duty travel and training, deferring selected capital expenditure, and reducing non-essential operating costs.
“We will stay focused on the implementation of our transformation initiatives to further strengthen the group’s capabilities and enhance operating efficiencies for the long-term,” SIAEC said.
Shares in SIAEC tumbled 7.4%, or down 16 cents, to close at $2.01 on Thursday, before the announcement.
