(Bloomberg) -- Employers in Singapore can consider implementing reasonable temporary wage cuts if such a move minimizes retrenchments, the National Wages Council said in a statement.
- Employers should seek employee support to do this and the burden of such cuts should not fall excessively on any one group, the Council said.
- The Council added that management should lead by example and “take earlier and deeper cuts to their wages” to effect the desired extent of cost savings.
- Wage cuts accepted in good faith by employees should be restored when business conditions allow, the NWC said.
- Employees should also support and work with employers on redeployment opportunities and training programs to preserve and upgrade critical capabilities or to enable business restructuring, the NWC said.
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