SIA Engineering Company management to take pay cut

Faced with tough operating conditions, the management of SIA Engineering Company (SIAEC) is taking a wage cut of up to 20 per cent from June 1. The company said chief executive officer William Tan will have his wages slashed by 20 per cent, while senior vice-presidents, vice-presidents and managers will take cuts of 14, 12 and 10 per cent respectively.

In a gesture of support for management's wage cut and the company's other cost-saving initiatives, the company's board of directors have volunteered to waive 20 per cent of the fees payable for FY2008/2009, after approval of these fees by shareholders at the coming annual general meeting on July 24.

'This is in line with measures being taken by the company to reduce costs in response to the current weak business environment,' SIAEC said in a statement. In all, 89 management staff will be affected. The reductions will yield a quarterly saving of some $340,000.

But the funniest of all, is the "jobless" guy above!


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