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SIA to "slash" wages

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SIA to "slash" wages

Old 27th Oct 2001, 11:25
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Post SIA to "slash" wages

With yesterdays worse than expected "slump" in revenue by 88%, SIA are to follow through their managerial salary cuts to their troops on the front line, namely the pilots.The company blame the downturn, but dont forget that load factors have never recovered since plummeting after last years 747 tragedy.

As in the previous downturn, CPF(Retirement Savings) contributions by the company will be reduced to 5% of basic or maybe further.

For new inmates, be aware that part of your wage is of a flexible nature. The term "market adjustment allowance" is variable, and can go up or down depending on overall market conditions.My expectation is that the market adjustment allowance will be abolished, as well as a reduction by 50-80% of the company's contribution to workers provident funds.

But hey, wait a minute, greedy SIA still made US$80 million for the last six months, looks like Dr Cheong has finally had a hair job to boot, and an 88% loss? Isnt 88 a lucky number for the Chinese, meaning prosperity? Me smells a rat in the creative accounting division. Looks like the boys at ALPA-S will be giving away the last 2 years of negotiations soonish. Voluntary contributions by pilots to the companys bottom line?!
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