Deeper pay cuts for SIA Engineering management to mitigate Covid-19 impact

The management of SIA Engineering Company is taking deeper pay cuts than previously announced, while its directors have also volunteered a larger reduction in fees as the global coronavirus pandemic continues to ground flights. "In view of the massive flight cuts by airline customers and the increasingly difficult business environment, SIAEC is stepping up its measures to mitigate the severe impact," said the company, which provides aircraft maintenance, repair and overhaul services, in a bourse filing on Thursday. Starting from April 1, the pay cuts have about doubled to 25% for the CEO from 12% previously, and to 20% for the executive VP from 10%. Meanwhile, the SIAEC board has volunteered to slash their fees further, compared with the 12% reduction announced last month. The directors are now taking a 25% xcut to their fees accruing with effect from April 1.<br/>