100 per cent pay for bosses OK, says Amok. I was more amused than anything when I read of how Azman Mokhtar (pic), or Amok to friends, the Khazanah boss, defended the proposed 100 per cent salary increase of the Ceo/President and the CFO of TNB, the ulility company. Read h e r e.
Bernama quoted him as saying that GLC's salary increment is performance-based, incentive-driven and self-funding. "We are not taking money away from anybody but we are creating more value," he said when asked to comment on several blogs' queries on why Tenaga Nasional Bhd's top officials were getting hefty salary increases in times of possible economic slowdown due to the fuel and food price hike.
The article forgot to mention that TNB will icrease its tariff rates by 30 per cent starting July.
If you had read my July 12 posting "CEO and CFO of GLC to get 100 per cent pay increase", you'd see that I wasn't begrudging the GLC bosses' pay increase. It's the timing of the pay hike; it sucks and it stinks.
Che Khaleb and his CFO may have done a good job but if they deserve a pay rise, so do their staff. In fact, the 28,000 ordinary and long-serving TNB staff deserve a pay increase more than their bosses, if you ask them. They created value for the company, too, didn't they?
p/s Ask Amok if he knows how much salary adjustment the TNB management has offered the staff under the new Collective Agreement? I heard it was less than 5 per cent.
Tuesday, June 17, 2008
Khazanah defends 100% pay hike for GLC bosses
At 4:53 pm