Nearly half of Singapore bosses hit by slump: survey

16:18, July 27, 2010      

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A survey found 44 percent of chief executives, chief financial officers and business unit heads saw their salaries staying flat or falling last year, local media reported on Tuesday.

This is compared with a smaller 23 percent of executives in the 2008 financial year, local newspaper the Straits Times reported.

Ernst & Young, which compiled the report, analyzed data from annual reports from the last financial year.

It started with the top 100 listed firms but excluded companies where Singapore is not the primary listing or where required data was not reported. The final analysis involved 55 firms.

CEOs certainly felt pinch, with one quarter taking a cut in base pay. Among top executives, 22 percent saw wage cuts.

The E&Y report found that the average wage increase for top executives was 2.4 percent for the last financial year, compared with 10 percent in 2008.

Source: Xinhua

(Editor:祁澍文)

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