Covid-19: SP Group directors, senior management to take pay cut

SP Group's board of directors will take a pay cut while its senior management will trim their bonuses this year in the spirit of solidarity and to support its staff and the wider community, the electricity grid operator said on Friday. 

SP Group's board of directors will reduce their director fees by 5 per cent.

The senior management team, comprising vice-presidents and above, will reduce their performance bonuses for this financial year by one to two months. This translates to 8-15 per cent of annual base salaries, increasing in quantum with staff seniority, the company said. 

In addition, SP Group will make a one-time payment of S$1,500 to about 400 frontline officers in recognition of their dedication and to encourage them during this period. 

The group will also match dollar-for-dollar for all staff donations towards the SP Heartware Fund. 

Started in 2005, the SP Heartware Fund supports programmes for senior citizens from low-income families. To date, it has raised more than S$14 million and reached out to more than 25,000 beneficiaries, SP Group said.

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