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Home Lao Chinese Partners

8 percent of S'pore firms have cut or may cut staff salaries: Poll

SINGAPORE  (The Straits times/ANN) -- As the Covid-19 pandemic hits businesses, 3 percent of companies surveyed last month in Singapore have cut staff salaries while another 5 percent are considering the option.

These companies are from industries such as manufacturing, retail and wholesale and banking. --Photo ST


These companies are from industries such as manufacturing, retail and wholesale, banking, energy and high-tech.
Meanwhile, 11 percent of firms have reduced their salary increment budget and another 22 percent are considering doing so, said human resources consultancy Mercer Singapore yesterday.
Of the 232 companies it surveyed, 1 percent are considering retrenchments, while 22 percent expect to freeze hiring this year.
"While recruitment budgets are set to reduce, companies remain committed to protecting the livelihood of their employees. This is a reflection of the Government's stringent standards for responsible retrenchment and the impact of the job support measures introduced during the Resilience Budget," said Mercer Singapore career products leader Kulapalee Tobing.
The National Wages Council said earlier this week, when it released its annual recommendations, that employers affected by the virus outbreak should first reduce non-wage costs and tap government support before looking to reduce their workers' wages. Retrenchment should be a last resort.
The Mercer survey, conducted between March 9 and March 15, found that the largest reduction in salary increment budgets is from companies in the hardest-hit sectors such as real estate, construction and engineering.
The average budget for these industries is down from 4.1 percent to 3.3 percent.
This is followed by decreases in the transportation equipment sector, retail and wholesale, and logistics.
In terms of bonus payouts, 78 percent of respondents said they have already paid out their planned bonuses, while 11 percent have lowered their bonus budget, with the biggest cut of 1.5 percentage points coming from the retail and wholesale sector.
Some companies are also reallocating their human resources budget. Some 29 per cent out of 179 companies said they would likely reduce the proportion allocated to training and development, though another 12 per cent said they were likely to increase the proportion.
About 13 percent said they would probably allocate more to work-life balance programmes, which Mercer said could be to enable more flexible and adaptive work arrangements.


(Latest Update April 02, 2020) [6:09 PM]


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