Temasek's senior management take voluntary pay cut of 15-25%

• xirtil

  21 Nov 08, 23:22

  Senior management of investment company Temasek Holdings have volunteered to take pay cuts of between 15 and 25 per cent. They are leading Temasek's company-wide wage cuts as it repositions itself for the long term.
  
  In a statement, Temasek said in total, nearly 90 per cent of the wage saving will be borne by its key managers. The firm said it anticipates a global recession in 2009 and possibly beyond.
  
  But it also believes the current crisis will throw up tremendous opportunities for it as a long-term investor.
  
  Temasek said it is aiming to expand its headcount by 15 per cent over the next two years as part of its longer term plan to have staff strength of about 500.
  
  The investment company manages a portfolio worth about S$185 billion. It invests in diverse industries, covering banking and financial services, real estate, transportation, infrastructure, energy and telecommunications.

   

   

• skythewood

  21 Nov 08, 23:25

  let me try the curse thingie.

  err... something something...

  dishonourable despots...

• I-like-flings(m)

  21 Nov 08, 23:30

  100K per mth.. 25% cut... so still got 75K lor... junior staff 2K per mth... 10% cut..left with 1.8k lor.......

• I-like-flings(m)

  21 Nov 08, 23:31

  Originally posted by skythewood:

  let me try the curse thingie.

  err... something something...

  dishonourable despots...

  
  but u forgot the praise that DR chee something something part...

• charlize

  21 Nov 08, 23:32

  Wait, did they say anything about bonuses?

• I-like-flings(m)

  21 Nov 08, 23:39

  Originally posted by charlize:

  Wait, did they say anything about bonuses?

  
  50% discount i guess.. from 36mth to 18mth now..

• 淋雨

  21 Nov 08, 23:53

  Originally posted by I-like-flings(m):

  
  50% discount i guess.. from 36mth to 18mth now..

  
  wow...that's a huge sacrifices   

• ArtBoon

  21 Nov 08, 23:58

  If I hire a fund manager to manage my assets, and if the fund manager loses money for me, I can fire the fund manager. I can also have the choice of redeeming money from the fund.

   

• oldbreadstinks

  22 Nov 08, 02:24

  Originally posted by charlize:

  Wait, did they say anything about bonuses?

  probably govt will urge people to accept bonus cut to make our work force more competitive.

  temasek already pay cut liao so cannot push them further, if anything they should receive a bigger bonus to compensate for the pay cut.

• siloti

  22 Nov 08, 03:24

  Hail Ho Ching,  She feel the pain of the people, and do the honorable thing to cut her pay.  You people should should thank Mdm Ho Ching for working so hard to come up with a diversified portfolio to generate income so you people to enjoy.

  Hail, Hail, Hail, Mdm Ho Ching.  (3 fold)

• AndrewPKYap

  22 Nov 08, 05:19

   

  MORE AND BIGGER GOOD YEARS FOR FOREIGNERS!!!!

  "Temasek said it is aiming to expand its headcount by 15 per cent over the next two years as part of its longer term plan to have staff strength of about 500."

  MORE AND BIGGER BAD YEARS FOR SILLIPOREANS!!!!
  

  The foreigners must be so excited that Temasek is not closing down and will continue to take money, no, take even more money, now that they are expanding from Silliporeans and handing the money on a silver, now golden (since they are expanding), platter to them. 

  I bet they are considering what other "awards" to give the Ho Seh Jinx.

   

   

• AndrewPKYap

  22 Nov 08, 05:21

   

  Pay cut? They should all go up to Mount Faber, take the cable cars and one by one jump out between Harbour Front and Sentosa.

  

• AndrewPKYap

  22 Nov 08, 05:27

   

  "But it also believes the current crisis will throw up tremendous opportunities for it as a long-term investor."

   

  ... to quote another sgforumner....

   

  "If long term investment can be used as an excuse, then as long as the company never goes bankrupt, you buy anything, it can be considered as a good investment"

  Still, they are so stupid their ABC Learning investment suffered a total loss... it makes their >70% loss in Barclays looks good...

  Big time dishonorable beneficiaries of an old dishonorable despot, greedy for public money for his own pocket.

   

• AndrewPKYap

  22 Nov 08, 05:28

   

  Originally posted by AndrewPKYap:

  
  

  The Typical Silliporean

   

   

   

  

   

   

   

• sunnytv

  22 Nov 08, 07:47

  The Big G should do the same.

• the Bear

  22 Nov 08, 08:46

  they should just send the PM's husband for plastic surgery

  well, it's not connected but i bet it'll not do anymore damage

• dragg

  22 Nov 08, 09:33

  they should sack those responsible for the losing investments.

   

• seyKai

  22 Nov 08, 09:38

  just feeling guilty for losing too much money

  should give back all their pay instead

• likedatosocan

  22 Nov 08, 09:53

  Originally posted by seyKai:

  just feeling guilty for losing too much money

  should give back all their pay instead

  
  But frankly speaking, other they themselves,

  will the public ever know how much is gained or lost?

  I am really not sure how to describe this situation.

  Are all countries like this?

   

   

• Daddy!!

  22 Nov 08, 10:00

  total wage = basic salary + bonus

  since basic salary is normally 20% to 30% of the total wage and bonus is 70% to 80% of the total wage, a cut of up to 25% of the total wage means the senior management would still receive a good bonus payouts on top of their basic salary.

• seyKai

  22 Nov 08, 10:03

  Temaseks' companies are only capable of making money from gahmen contracts,

  they are just not good enough to compete with the outside world

  how many of their companies that took contracts outside that make money?

    

• zaxis

  22 Nov 08, 10:19

  cut wages15 - 25% + 15% more employment = ?

  lower entry level?

  how come now WDA mouth shut? what happen few months back asking lower income to accept flexi pay? flexi bouns?

  now company retrenched staff, even work more than 33 years only 1 +1 month pay plus balance annual leave, AWC nothing,

• seyKai

  22 Nov 08, 10:23

  Originally posted by zaxis:

  cut wages15 - 25% + 15% more employment = ?

  lower entry level?

  how come now WDA mouth shut? what happen few months back asking lower income to accept flexi pay? flexi bouns?

  now company retrenched staff, even work more than 33 years only 1 +1 month pay plus balance annual leave, AWC nothing,

  
  They are in deep shit otherwise no need to borrow $10b

  so every1 need to share that shit

• angel7030

  22 Nov 08, 10:41

  Originally posted by seyKai:

  
  They are in deep shit otherwise no need to borrow $10b

  so every1 need to share that shit

  
  huh? what? they r in deep shit, no lah, they are very rich u know, the most is singapore collapse only, they can just resign and go to some nice resorts they bought formerly and enjoy forever...it is never a deep shit for them, but a deep shit for  average and below singaporeans in the coming years.

• angel7030

  22 Nov 08, 10:41

  Originally posted by AndrewPKYap:

   

  "But it also believes the current crisis will throw up tremendous opportunities for it as a long-term investor."

   

  ... to quote another sgforumner....

   

  "If long term investment can be used as an excuse, then as long as the company never goes bankrupt, you buy anything, it can be considered as a good investment"

  Still, they are so stupid their ABC Learning investment suffered a total loss... it makes their >70% loss in Barclays looks good...

  Big time dishonorable beneficiaries of an old dishonorable despot, greedy for public money for his own pocket.

   

  
  Uncle, u want them to send email or not??