UOL managers and above taking pay cut of up to 18% to manage costs

Singapore

PROPERTY developer UOL on Monday announced a salary reduction of up to 18 per cent for managers and above, including senior management, effective from April 1, 2020 to help the company manage costs.

This is on top of the deferment of non-essential capital expenditure, initiatives to reduce operating costs across all asset classes, "value-engineering" for project development and asset enhancement initiatives as well as tapping S$44.8 million in government assistance and grants.