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Temasek Introduces Salary Restraint Measures

Temasek is introducing a range of salary restraint measures during the current COVID-19 situation. These are:

  • Wage freezes for all staff during our April compensation cycle, although the duration will be determined by market conditions;
  • Senior management staff to take a partial cut in the variable component of their base compensation, the effect of which is between 5 and 15 percent depending on seniority; and
  • Voluntary salary sacrifice by senior staff of up to 5% of their base salaries for up to one year where the proceeds will be donated to Temasek’s staff volunteer initiative, T-Touch, to support public health infectious diseases emergencies globally, with dollar-for-dollar matching by Temasek.

We have implemented salary freezes and reductions several times in the past, including during SARS and the Global Financial Crisis. These actions are part of our commitment to stand as one firm in support of our portfolio companies and the wider community. 

It is an important demonstration of our ownership mindset, sharing gains and pains alongside our shareholder, and supporting our wider communities.