Deeper pay and fee cuts for SIAEC management, directors

Singapore

THE management of SIA Engineering Company (SIAEC) is taking a deeper pay cut than previously announced, while the directors have also volunteered a larger reduction in their fees.

"In view of the massive flight cuts by airline customers and the increasingly difficult business environment, SIAEC is stepping up its measures to mitigate the severe impact," the company, which provides aircraft maintenance, repair and overhaul services, said in a bourse filing on Thursday.

The deeper reduction took effect from Wednesday. The pay cuts have increased to 25 per cent for the chief executive officer (CEO) from 12 per cent previously, and to 20 per cent for the executive vice-president (V…

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