CapitaLand to cut staff salaries between 3-20 pct

Source: Yahoo news.singapore

Reuters - 2 hours 8 minutes agoSINGAPORE, Dec 3 - Southeast Asia's largest developer, CapitaLand , said on Wednesday it will cut staff pay between three to 20 percent in light of a slowing domestic economy.

CapitaLand said in a statement that the firm-wide measures will affect mostly management and executive level employees, with its chief executive, Liew Mun Leong, bearing the maximum cut of 20 percent.

The cuts will take effect in January 2009.

"We felt that the proactive measures demonstrate the Groups disciplined capital management and prudence during these global financial and economic uncertainties," Liew said.

Some Singapore firms have started laying off staff and cutting salaries in light of the tough economic conditions. State investor Temasek Holdings [TEM.UL] said last month it will cut staff pay between 15 to 25 percent while DBS Group and Neptune Orient Lines said they will be cutting jobs.