State media Singapore Press Holdings (SPH) sent out a company email circulation on Monday (Jan 22) confirming that they will be freezing the wages of employees earning S$4,000 and above. The email also stated that promotions and salaries increments for the low wage staffs will be reduced and “given selectively”.
The move comes after SPH CEO Ng Yat Chung announced retrenchments in Oct last year. The former army general crony of the ruling party was the CEO of state-owned company Neptune Orient Lines, which was sold off after running into losses for more than a decade.
It is the ruling party’s practice to hire former army generals as CEOs of state-owned companies like Desmond Kwek in SMRT, or as ministers like Chan Chun Sing and Tan Chuan Jin. Prime Minister Lee Hsien Loong, a Brigadier General himself, prefer military men as they are more loyal even though they have no private sector experience.