This will spur them to work extra hard
http://www.google.com/hostednews/af...ocId=CNG.9dd1a1176881e712993720a765eec626.301
Media giant Singapore Press Holdings restores staff pay
(AFP)
SINGAPORE — Asian media giant Singapore Press Holdings (SPH) said Wednesday it will fully restore staff salaries after introducing pay cuts last year during the global downturn.
The restoration will take effect in January, the company said in a statement a day after the group reported an 18-percent surge in net profit in the year ended August 31.
SPH, which publishes the leading English-language Straits Times newspaper among other publications, said it will also give a "special one-off sum" to its employees "to thank them for the sacrifice and contributions they have made."
The company in March 2009 announced pay cuts of between two and 10 percent of basic monthly salaries after the recession led to a sharp decline in advertising revenue and affected other group businesses.
It restored half of the pay cuts in January this year.
SPH said Tuesday it posted a net profit of 497.90 million Singapore dollars (382 million US) in the year ended August 31 on record revenue of 1.38 billion dollars.
It said a "sturdy rebound in advertisement sales", improved performance of the newspaper business and stronger profits from its property investments boosted the company's earnings.
Singapore's economy is expected to grow by up to 15 percent this year, which would mark a sharp rebound from the 1.3 percent contraction in 2009.
Copyright © 2010 AFP
http://www.google.com/hostednews/af...ocId=CNG.9dd1a1176881e712993720a765eec626.301
Media giant Singapore Press Holdings restores staff pay
(AFP)
SINGAPORE — Asian media giant Singapore Press Holdings (SPH) said Wednesday it will fully restore staff salaries after introducing pay cuts last year during the global downturn.
The restoration will take effect in January, the company said in a statement a day after the group reported an 18-percent surge in net profit in the year ended August 31.
SPH, which publishes the leading English-language Straits Times newspaper among other publications, said it will also give a "special one-off sum" to its employees "to thank them for the sacrifice and contributions they have made."
The company in March 2009 announced pay cuts of between two and 10 percent of basic monthly salaries after the recession led to a sharp decline in advertising revenue and affected other group businesses.
It restored half of the pay cuts in January this year.
SPH said Tuesday it posted a net profit of 497.90 million Singapore dollars (382 million US) in the year ended August 31 on record revenue of 1.38 billion dollars.
It said a "sturdy rebound in advertisement sales", improved performance of the newspaper business and stronger profits from its property investments boosted the company's earnings.
Singapore's economy is expected to grow by up to 15 percent this year, which would mark a sharp rebound from the 1.3 percent contraction in 2009.
Copyright © 2010 AFP
