CapitaLand announces wage freeze, pay cuts

Singapore developer CapitaLand will freeze wages of its staff at managerial level and above while board members and senior management will take a pay cut “as a show of togetherness and solidarity with its stakeholders”.

The decision came amidst the COVID-19 outbreak which has affected its business and tenants.

“The sudden outbreak of COVID-19 has definitely affected our businesses and those of our partners and tenants, especially in China and Singapore,” said Group CEO of CapitaLand Lee Chee Koon.

“The extent of the impact will depend on how long the outbreak lasts. Nevertheless, we remain positive on the long-term fundamentals for Singapore and China.

“CapitaLand will fight and ride through this difficult period together with our stakeholders,” Lee added.

CapitaLand is not the only company in Singapore implementing wage freezes and pay cuts. State investment firm Temasek, who is a majority shareholder of CapitaLand, also did the same, while Singapore Airlines froze its hiring.