,Singapore

Genting plans group-wide 20% pay cut

A 50% salary cut was suggested for vice presidents and higher.

Casino-to-hospitality conglomerate Genting and its units are planning the first group-wide salary cut, proposing a 20% temporary reduction of basic pay based on employee ranks, according to a report. Genting Hong Kong suggests up to 50% cut for vice presidents and higher.

Genting Hong Kong confirmed that the salary cut will be in effect until year-end, whilst Genting Singapore and Genting Malaysia have proposed similar voluntary pay cuts with varying terms.

Although the group’s businesses have experienced significant revenue reduction, Genting seeks to avoid job cuts as much as possible, even if salary remains one of its biggest cost components.

The group which operates casinos and resorts in Las Vegas and Singapore had to scale back operations as countries impose lockdowns and consumers shun cruises after a few ships became sites of coronavirus outbreaks.
 

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