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Fin24 reports that Sasol has announced a range of salary cuts across its management levels as the company navigates the impact of Covid-19.
The petrochemicals company will cut the salaries of group executive committee and senior leadership members by 20%, and of middle and junior managers by between 10% and 15%. "Salary sacrifices are planned for 8 months, however the duration of the temporary measures will be reassessed against the progress we make towards our savings targets," the company told shareholders on Thursday. No salary increases will be received in 2020. "These measures are necessary to help protect the company’s balance sheet and liquidity until at least the end of financial year 2021," Sasol explained. The pay cuts include the group's CEO, who will donate 33% of his pay to the state’s Solidarity Fund for three months. This will be followed by a further 20% pay cut for the following five months. Sasol has been heavily impacted by the global economic meltdown caused by Covid 19, which has slowed demand for oil. Also, its Lake Charles chemical project in Louisiana in the US has been a major source of financial problems for the company.
- Read the full original of the report in the above regard by Sibongile Khumalo at Fin24
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