SINGAPORE — Utilities company SP Group is cutting director fees and reducing bonuses for its senior management team, while disbursing special one-time payments to 400 of its frontline officers.

This is to “show solidarity with the nation” during the Covid-19 outbreak, SP Group said in a press release on Friday (March 6).

The company’s board of directors will reduce their director fees by 5 per cent.

Its senior management team, comprising vice presidents and above, will have their annual performance bonuses cut by one to two months.

This amount equals to 8 to 15 per cent of their annual base salaries, increasing based on staff seniority.

SP Group will also make a special one-time payment of S$1,500 to each of around 400 of its frontline officers to recognise their efforts and to encourage them during this period.

It called upon its employees to contribute to the SP Heartware Fund, which supports programmes for senior citizens from low-income families..

“The company will match dollar-for-dollar for all staff donations,” SP Group said.

Other companies in Singapore have introduced similar pay cuts and salary freezes for its employees in light of the Covid-19 outbreak.

On Feb 26, transport operator SMRT said it would implement a salary reduction of up to 5 per cent and a 0.5-month reduction in bonus for its management staff this year.

Property developer CapitaLand announced on the same day that it would slash board fees and base salaries of stakeholders, board members and senior management by between 5 per cent and 15 per cent from April.

State investment firm Temasek Holdings said on Feb 25 that it would implement a salary freeze for all of its employees.

It also said that its senior management team would take cuts to their annual bonuses and will be allowed to take a voluntary base salary reduction of up to 5 per cent, for a period of up to one year.

Both SP Group and SMRT are fully owned by Temasek Holdings, and CapitaLand is among its portfolio companies.