SIA Engineering senior management takes on more pay cuts
Cuts on senior vice presidents, executive vice president and the CEO rose to 20%- 30%.
SIA Engineering has announced that their senior management will absorb a further pay cut of 5% starting 1 August, an SGX filing revealed.
This is in addition to the pay cuts announced previously and on top of cost management measures implemented in previous months. The pay cuts affecting senior vice presidents, the executive vice president and the CEO will increase from the current 15%-25% to 20%- 30%.
“The global lifting of border controls and travel restrictions has been slower than anticipated, and many parked aircraft are unlikely to return to service soon. In the absence of a material uptick in flight activities across the world in the near term, the pace and extent of recovery for the aerospace maintenance, repair and overhaul business is uncertain,” SIA Engineering said.
For now, they stated that their investments in adopting lean methodology and digitalisation to improve productivity and enable a culture of innovation and continuous process improvement will further strengthen the group’s capabilities and enhance operating efficiencies for the long term.
“We will stay nimble to adjust our response to the evolving situation and maintain adequate liquidity. Notwithstanding the current challenges, we are positioning ourselves for the eventual recovery of the aviation industry as we continue with the next phase of our transformation,” the firm added.