Cut Workers' Pay and CPF by 5%, INCREASE CEO's pay by 37%
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What happened to all the talk about wage restraints ?
Did we not hear recently about the importance of cuts to workers' pay and CPF, so as to help Companies to be more competitive ?
How does increasing the CEO's pay by 37% stand up especially coming from a Government Linked Company ?
Hypocrisy and obscenity at its best.
And we are still seeing workers being retrenched in other GLCs.
ST Engineering raised CEO's pay 37% last year despite profit fall
SINGAPORE : ST Engineering says it increased CEO Tan Pheng Hock's pay package 37 per cent last year despite posting a 2 per cent decline in profits.
Mr Tan, 46, took home S$1.75 million in basic salary and bonuses in 2003, according to the firm's latest annual report.
The defence conglomerate also have him 400,000 stock options, without specifying their value.
Even though profits declined last year, ST Engineering's chairman Peter Seah says he's optimistic about growth prospects in the group's key aerospace, electronics and marine sectors. - CNA
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/74038/1/.html -
well......... it seems that lowly uneducated and unskilled people need top brains to lead them, and these brains need a lot of "fuel" to keep going
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haha.. nothing new....get used to it lah....moral of the story? be the CEO dun be the worker....
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dats the way it goes .... workers get the pay cut, the boot, cpf cut
and all, as usual, the top brass is unaffected .. in this case, a
pay rise ... so, the only way to survive is to backstab n carry
balls n be on-the-ball to gain promotion n eventually become the
head of a company ...
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the main point is :
[color=red][u]ST Engineering says it increased CEO Tan Pheng Hock's pay package 37 per cent last year despite posting a 2 per cent decline in profits.
Mr Tan, 46, took home S$1.75 million in basic salary and bonuses in 2003, according to the firm's latest annual report.
The defence conglomerate also have him 400,000 stock options, without specifying their value. [/u][/color
how to justify the raise when company profit is lower? how abt the STE workers? they get the 37% raise too?
come on la, STE workers. make some noise. u take the CPF cut, to pay for your CEO pay raise. -
No use screaming at the top of our voices ...
I have left the company ... don't wanna flog a dead horse ... don't wanna work for bureaucrats ... -
extracted from another thread..
A story which is really cliche.
Mr Tan runs a business selling plastic toys.
He hired managers Chan and Dick to help run the company.
The production line has five workers: Ah Beng, Ah Seng, Ah Huat, Muthu and Ali.
As the CEO, Mr Tan pays himself a million dollars a year.
His justification is: "without a good leader, the business will not be
successful; and you won't get a good leader if you're unwilling to pay for one."
Mr Tan has never worked in another company before.
Chan had won a government scholarship twenty years ago while Dick is an expatriate from America.
Mr Tan thinks very highly of them and pays them each half-a-million dollars a year. As an expatriate, Dick also gets housing, transport and relocation allowances amounting to a quarter of a million dollars a year.
The production workers each gets $1,500 a month with $300 going towards a retirement gratuity that the company would match dollar-for-dollar.
The business hasn't been going too well. In fact, business has been downright awful for the last few years.
Consumers seem to prefer the cheaper plastic toys from companies across the street.
Mr Tan is furious. "These consumers are a bunch of idiots," he said, "don't they know that the companies across the street are not managed by talents like Chan, Dick and myself?"
Mr Tan has always been deeply impressed by Chan and Dick.
Chan has the remarkable ability to use words like "synergy" and "paradigm shift" in every sentence. And Dick? Dick is white.
So Mr Tan got down to some serious discussions with Chan and Dick. After many hours of brain storming, they decided that they know what's wrong with the company.
"We don't have enough talents," Mr Tan declared, "we need to hire more scholars and white men." And he did. So now, there's Ang, who was Chan's best friend when they were in RI, and Brad, Dick's brother.
They are hired on the same terms as Chan and Dick. To reward themselves for coming up with this visionary strategy, Mr Tan
gave Chan, Dick and himself a 10% raise. With the raise and the hiring of two new management staff, Mr Tan figured
that he had to cut cost. So he laid off Ah Huat, who's about to retire and receive his retirement gratuity from the company.
The remaining four production workers now have to work 12 hours a day to cover for Ah Huat.
They didn't get any compensation for this extra work because Mr Tan told them that this is a difficult time for the company and all workers have to make some personal sacrifices.
"Luckily, we now have a world class management team and business will pick up in no time," Mr Tan proclaimed.
However, business hasn't picked up at all despite having a world class management team. On the contrary, business seems to have worsen quite a bit.
Mr Tan is now even more furious. He has no doubt that he and his management staff are world class. So the problem with the company must surely lie with the blue-collar workers like Ah Beng and his gang, who hardly have any paper qualifications and speak dialect and Singlish.
But just to be sure, he engaged the services of a management consultant firm to confirm his belief.
The management consultant cost Mr Tan an arm and a leg but he identified the problem: "Your labour cost is way too high.
Do you know that the average annual wage of your employees is more than $400,000? That's ten times the amount for the companies across the street."
"Ah ha! Just as I thought," Mr Tan congratulated himself on arriving at the same conclusion as a world class management consultant, "Ah Beng and his gang are overpaid."
So Mr Tan reduced the salary of his production workers to $1,000 a month and abolished the retirement gratuity scheme.
This story is totally fictional. So if any of the characters are people
that you know. it's PURELY coincidental..........
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haha... i couldnt agreed with it more...thats the problem with our company and sg now. haha....
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Aren't the worker's unions doing anything about this injustice?
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union???? exist in sg meh?? i dun think so. hahaOriginally posted by men_@_arms:Aren't the worker's unions doing anything about this injustice? -
how's this different from big CEO payouts in companies in other countries?
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hahahahaha ah chan and ah dick story funny
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good story. cant be more concidental to the story i recently read on the papers. good on those bros who have already left the company. after i left my military service, STE also offer me a job, because i was so desperate to get away from military work and vow not to book in in near future, i decline the offer to join the so call ' world class organisation with so call world class CEO' .
im glad i did not join, and i feel pitty to my friends who did join and prolly feel cheated.
how to justify that workers take the CPF cut but CEO get pay rise?
any corporate goverance? what can we do? STE workers, sad to say, your only hope is ST shareholders. but since they get decent dividends to shut up their mouth, i dont think they will speak out for you. any other way? yes. resign!. -
To be fair to Tan Peng Hock, his getting peanuts from STE as a CEO. He really has to work very hard compared to CEOs in other MNCs. Either his sub-ordinates are useless or what I dont know ... anyway the culture is very forgiving in there ... always room for honest mistakes ...
as for unions in SG, well, they are only good for opening supermarkets all the way till China and also manage taxis ... -
just been thinking. haha.. why are our co-op more interested in making money from those ppl that formed the co-op in the first place??? thought they are suppose to provide with things and services at the best price??Originally posted by Boxer:To be fair to Tan Peng Hock, his getting peanuts from STE as a CEO. He really has to work very hard compared to CEOs in other MNCs. Either his sub-ordinates are useless or what I dont know ... anyway the culture is very forgiving in there ... always room for honest mistakes ...
as for unions in SG, well, they are only good for opening supermarkets all the way till China and also manage taxis ...