SingPost cuts pay for SVPs and higher by 5%

Its measures amidst the COVID-19 outbreak will be reviewed on a quarterly basis.

Singapore Post (SingPost) is implementing a pay reduction of 5% for its senior vice presidents (SVPs) and higher starting 1 April to offset the economic impact of the COVID-19 outbreak, according to an internal memo seen by Singapore Business Review.

At the same time, it will also implement a freeze in pay and promotion increment for all assistant vice presidents (AVPs) and above, group CEO Paul Coutts said in the memo.

For the same reason, the company will have an immediate hiring freeze across the entire organisation, except for essential roles as determined by its chief human resources officer and group CFO.

These measures will be reviewed on a quarterly basis by its management committee. Team members ranked senior managers and below will not be affected by these measures, Coutts added.