Career Advice In Singapore

SINGAPORE investment company Temasek Holdings has emerged as the first employer here to publicly announce a company-wide round of pay cuts.
'We anticipate a global recession in 2009 and possibly beyond. Therefore, Temasek will institute a firm-wide wage cut, led by senior management who volunteered 15 to 25 per cent,' said Temasek's managing director for human resources, Mr Robert Chong.

He said 90 per cent of the anticipated wage savings will be borne by Temasek's key managers.

Temasek currently manages a portfolio worth about $130 billion, which is invested both at home and abroad.

'As a long term investor, we believe this current crisis will throw up tremendous opportunities,' added Mr Chong in his email to The Straits Times on Friday night.

'Yet, we also recognise the short term challenges and will adjust our actions appropriately.'

Despite the extensive wage cut, Temasek still expects to expand its staff strength by 15 per cent over the next two years.

'This is part of our longer term plan to have a staff strength of about 500,' said Mr Chong.

According to its latest annual report, Temasek has 'a 350-strong international team' based in Singapore.