Executives' pay most affected by downturn

Singapore - Top executives have been most affected by the wage freeze, a widely-adopted measure taken by companies to cut costs and retain employees.

A global survey conducted by Hay Group across 2,000 companies from 88 countries last month reports Singapore as the country hit hardest by the economic downturn in South East Asia.

Eighty percent of the Singapore respondents predict that they would not be able to hit their business targets, compared to the 21% in a previous Hay Group survey in November 2008.

The report also show Singapore as registering a 0% base salary increase, with clerical level and high-performing employees as they only two groups of exception toreceived modest pay rises.

Many companies believe that the downturn has the greatest bearing on clerical level workers,and the nominal pay increase is used to balance the cost of living.