Up to 50% off! is a pretty cool thing to hear before all this COVID-19 nonsense. More often than not this means a good Don’t Say Bojio deal is around the corner, and we can give our readers some one-for-one shabu shabu buffet or something.
That’s right. We’re back with another episode of Don’t Say Bojio…
For the Breadtalk Group with a whopping up to 50% off the employee salaries.
The reason, as expected, is because of COVID-19.
Now, keep in mind that Breadtalk refers not only to the chain of bakeries Breadtalk but the whole Breadtalk group, which includes Toast Box, Din Tai Fung, Food Republic, Food Junction, Song Fa Bak Kut Teh… and some others.
137 Employees Affected In ASEAN Countries
The Business Times reports that the group is cutting between 10 to 50% of salaries temporarily as part of a cost-saving exercise.
This is on top of other cost-saving measures already implemented including no-pay leave, shorter operating hours, controlled overtime hours, and stopping business-related travel and entertainment activities for employees.
As per the heading, this affects 137 employees in ASEAN countries (including Singapore) for a savings of S$177,000 per month.
It’s not all employees though; from March to June, senior management executives are taking a pay cut of between 30% to 50%, while middle management executives are taking 10% to 15%.
Which makes sense because those at the bottom have more to lose in situations of crisis.
Remember that Breadtalk isn’t just in ASEAN, and like any good Don’t Say Bojio deal, there’s even more on this exclusive savings deal.
1,840 Employees Affected in China and Hong Kong
And this will save a whopping S$1.4 million per month, taking effect from February to June. Employees will see their pay cut by 30% to 50%.
Obviously, this is only about 10 times worse than the headlines suggests. So y’know, nothing serious.
As for why this isn’t the headlines is — you guessed it — this ‘deal’ is only exclusive to China and Hong Kong.
And as usual, the terms and conditions:
- Consent is required from affected staff before the salary cut can take place
Take note that this doesn’t mean that the Breadtalk Group was doing very well before COVID-19.
They had a net loss of S$5.2 million in 2019, compared to a net profit of S$15.2 million in 2018.
And then last month they were looking at delisting from the stock market.