CapitaLand reverses staff pay cuts

CapitaLand reverses staff pay cuts

Labour leader hails developer’s ‘timely decision’

By CHEW XIANG

PROPERTY giant CapitaLand is reversing cuts of between 3 and 20 per cent made to executive and management salaries in January this year.

Tan Seng Chai, senior vice-president of human resource, said: ‘CapitaLand Group has performed significantly better this quarter than the previous two quarters and we are seeing an improvement in the business outlook in our core markets.

‘In the light of the continued business recovery, we have decided to restore company-wide salary reduction implemented in January this year as part of our cost management measures.’

Josephine Teo, assistant secretary-general of the NTUC, said in a statement: ‘We welcome the timely decision by CapitaLand to be among the first few companies in fully restoring its executives’ salary in view of good company performance and improved outlook.’

Ms Teo is also executive secretary of the Singapore Industrial and Services Employees’ Union, which had agreed to the pay cuts last year after it was consulted by CapitaLand.

The union said it was happy that CapitaLand continued to support workers during the downturn, noting that the company had donated money to a union fund and also supported NTUC’s work-life balance initiatives.

CapitaLand was awarded the May Day Model Partnership Award 2009, in recognition of its consultative and collaborative approach with the union, Ms Teo said.

Source : Business Times - 07 November 2009

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