Top GLC execs urged to take pay cuts

PETALING JAYA: Board members and top executives of government-linked companies (GLCs) have been asked to take a pay cut to help the country ride through the economic fallout caused by the Covid19 outbreak.

Economist Prof Dr Barjoyai Bardai said the money saved could be sent to a national fund to meet the country’s needs.

“GLCs as well as other companies should start looking for ways to help the government tackle the Covid-19 outbreak.”

He noted that many companies have corporate social responsibility (CSR) programmes that are well-funded. “They should consider channelling these funds to areas in dire need.”

Barjoyai added with just a 10% cut in salaries of board members and senior executives, GLCs could contribute about RM10 million monthly, until the Covid-19 crisis is resolved.

He named Khazanah Nasional Bhd, the Employees Provident Fund, Tabung Haji, Permodalan Nasional Bhd and others as GLCs that could help.

Prime Minister Tan Sri Muhyiddin Yassin had announced that ministers and deputy ministers would be taking a two-month pay cut and the money saved would be directed to the Covid-19 fund.

Sunway University Business School economics professor Dr Yeah Kim Leng said based on their incomes, it would not hurt top executives if their salaries were cut by 10%.

“This will also show that they are in tune with the sufferings of the people and are willing to help.”

Retired diplomat and G25 spokeswoman Datuk Noor Farida Mohd Ariffin said highly paid executives should volunteer to have their salaries reduced at a time when the nation is in need.