Parkway Holdings axes 148 jobs, cuts management pay by 5-35%

Parkway Holdings is cutting the salaries of its senior and middle managers by up to 35 per cent.

Parkway, the parent company of Parkway Group Healthcare and Parkway Hospitals, is also cutting its total workforce in Singapore by about four per cent, or some 148 jobs.

Parkway’s senior managers will see cuts in base salaries of between 15 per cent and 35 per cent, while its middle management’s base salaries will be reduced by between five per cent and 10 per cent.

The Group will also waive its directors’ fees this year.

“The regional healthcare sector is not immune to the effects of a volatile global economy,” said Richard Seow, Chairman of Parkway Holdings.

The mainboard-listed Group added that its regional healthcare business remains sound and long term industry fundamentals remain intact.

But it was taking actions necessary to prepare the company for a more difficult and challenging market environment ahead.

Channel NewsAsia understands that none of its nursing staff will be retrenched.

Parkway has implemented a series of cost-cutting measures, including the freezing of non-clinical corporate headcount, since July 2008.

The Group employs some 3,700 staff in Singapore.

From Channel NewsAsia