Temasek lifts wage freeze during annual staff compensation review
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SINGAPORE'S investment company Temasek has lifted its firm-wide wage freeze during the annual review of staff compensation this year, said its spokesperson on Tuesday.
In April last year, Temasek had frozen all salaries and promotion increases across the company. The senior management team also saw partial cuts to their annual bonuses and were also asked to voluntarily reduce their base salaries by up to 5 per cent.
The budget set aside for the salary and promotion increases were then donated to staff volunteer initiative, T-Touch, and set aside to support the community.
This comes after several other Temasek-linked companies said that they had also lifted wage cuts and salary freezes on the back of improved market sentiment and increased profits reported.
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