Bloomberg.com, 12 Mar 2009, Shamim Adam and Jae Hur
March 12 (Bloomberg) -- Singapore Press Holdings Ltd., the city-state’s largest newspaper publisher, will cut wages and bonuses of 3,000 employees and freeze hiring to reduce costs amid the island’s deepest recession.
The lower salaries will result in a 20 percent drop in the overall wage bill, the company said today in a statement to the Singapore exchange, without giving a figure for savings. Hiring has been halted and profit-related bonuses will drop, it said.
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