The economic boom is over. With economies of Singapore and many
other countries now battered by recession, top executives of
Singapore's big companies must bite the bullet by taking pay
cuts.
Buckling under the blows of the economic downturn, many Singapore
companies have reported falling profits and even losses.
Last year, chief executives of Singapore's 30 listed companies
making up the Straits Times index enjoyed pay hikes ranging from 20
per cent to 150 per cent, as revealed in the companies' annual
reports.
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