50% pay cut for bosses at Sapura Energy

Pay cuts have been announced for Sapura Energy management and workers. (AFP pic)

PETALING JAYA: The senior management of Sapura Energy Bhd will be taking a 50% pay cut with immediate effect to help the company mitigate the economic impact of the Covid-19 outbreak and low oil prices.

Sapura Energy president Shahril Shamsuddin said salaries of other workers would be adjusted by between 5% and 45%, and the workforce reduced, as part of the firm’s austerity measures.

He said these measures were required to preserve the company’s cash flow, adding that the leadership has formulated a strategy to help the firm wade through the tough times.

“As leaders, it is imperative that we take the hit as much as we can to protect our people, particularly those who are most vulnerable in our ranks. We will ensure those with lower income are less burdened by these cuts,” he said in a statement today.

Yesterday Tan Chong Motor Holdings Bhd and Berjaya Corporation Bhd announced salary cuts, enforced staff leave and partial closures of offices as part of austerity measures to cope with the national shutdown of public activities. - FMT