SPH board and senior management to take pay cuts

SPH Reit grants rebate to businesses to reduce the impact of COVID-19.

Singapore Press Holdings (SPH) board members will take a voluntary 10% reduction in directors' fees, whilst the salary of those in senior management will be cut by 5% starting April, according to an announcement on Thursday.

SPH is the sponsor of SPH Real Estate Investment Trust (SPH Reit), which has also introduced pay cuts for its CEO and senior staff.

In addition, SPH Reit will fully pass on its property tax rebate to its tenants to reduce the impact of Covid-19 on businesses, aiming to finalise the details of the enhanced tenants rebate scheme by April.

This comes after Deputy Prime Minister Heng Swee Keat’s announcement that qualifying commercial properties will not pay property tax in 2020, whilst businesses in other non-residential properties will get a rebate of 30%.

SPH Reit is also considering granting further rental rebates to retail and food and beverage businesses at malls. This is due to stricter measures that have been rolled out to minimise further spread of the novel coronavirus such as the closure of bars and entertainment venues till 30 April.

Photo courtesy of Pexels.com

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