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June 4, 2016
SMRT Chief Executive Desmond Kuek has received a pay cut of 20 per cent, the transport operator revealed in its annual report on Friday (June 3).
According to the report, Mr Kuek's total remuneration of $1,871,714 in FY2016 is marked down from the $2,311,023 he received last financial year.
His basic salary however, has increased from $793,170 in 2015 to $830,955 this year.
Although SMRT has not revealed a reason for Mr Kuek's pay cut, the report showed that his variable performance pay was reduced from $1,517,853 last year to $1,040,759 this year.
Variable performance pay refers to an incentive or bonus given to employees. However, this pay is contingent on their performance as well as the profitability of the company.
Before his pay cut, local media reports listed Mr Kuek as SMRT's highest paid CEO.
When Mr Kuek first joined SMRT in October 2012, he was given $611,000 for the six months to SMRT's financial year-end in March 2013. This translated to an annual package of $1.22 million. In FY2014, he made between $1.75 million and $2 million.
His predecessor, Ms Saw Phaik Hwa received around $1.85 million before leaving in 2012.