Oil and gas firm slashes salaries up to 45pct, leadership takes 50pct cut

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CORONAVIRUS | Oil and gas firm Sapura Energy is slashing salaries by up to 50 percent to cope with the economic downturn brought about by the Covid-19 pandemic with its topmost management taking the biggest cut. Sapura Energy, in a statement, said the company's leadership will take a 50 percent salary cut while other employees will see a salary reduction of between five to 45 percent. "As leaders, it is imperative that we take the hit as much as we can to protect our people, particularly those who are most vulnerable in our ranks. “In the past year, we have done a lot of work to strengthen the company, including growing our top line and improving efficiencies in the way we operate. "However, Covid-19 and low oil prices have impacted our financial strength. To sustain our business, we need to implement immediate austerity measures to preserve our cash flow,” said Sapu…