SINGAPORE: Singaporeans online are making a mockery of the 16.9% pay cut Singtel handed to its CEO, Yuen Kuan Moon, after network incidents at both Optus in Australia and Singtel’s Singapore operations, pointing out that the S$6.8 million annual salary he is earning this year after the pay cut is still hefty and still far beyond what most ordinary Singaporeans could ever hope to earn.
The pay cut was disclosed in Singtel’s annual report released on Tuesday (Jun 30). Mr Yuen had received S$8.2 million in total compensation in FY2025.
According to the company, the board took the service disruptions into account when assessing the group CEO’s performance and deciding on his remuneration for the year ended March 31, 2026.
“In assessing the performance for the year ending March 31, 2026, and determining the appropriate remuneration outcome for the group CEO, the board took into account the Optus triple zero incident and the Singtel Singapore network outages during the year,” the company said.
The impact extended beyond the chief executive. Total remuneration for Singtel’s other key executives also declined, by 11.9% to S$25.9 million, due to the same incidents.
One of the most significant events occurred in September 2025, when a network outage at Optus following a system upgrade prevented some users from reaching Australia’s triple-zero emergency service, which is used for life-threatening emergencies.
A subsequent review found that the disruption contributed to two deaths.
In Singapore, Singtel customers also experienced several network outages in March. The most severe disruption occurred on Mar 16, when users were without access to network services for more than six hours.
Addressing the incidents, Singtel said it remains committed to improving its operations and rebuilding confidence among customers.
“In response (to the triple zero incident and Singapore outages), the group remains focused on restoring customer trust, enhancing service reliability, and strengthening operational resilience across its businesses,” the company said.
The remuneration cuts came despite a strong financial performance during FY2026.
Singtel reported a 39.5% increase in net profit to S$5.6 billion, up from S$4 billion in the previous financial year. The improvement was largely driven by S$2.84 billion in net exceptional gains, primarily from the sale of shares in Airtel, although these gains were partially offset by various provisions, most of which were related to its Australian business.
On an underlying basis, net profit rose 12% year on year to S$2.8 billion.
The company also reported further progress on its Singtel28 asset-recycling programme. Following the sale of S$1 billion worth of shares in Thai energy developer Gulf Development, the initiative has now generated S$6.8 billion, moving closer to its medium-term asset recycling target of S$9 billion.
The announcement quickly drew a wave of sarcastic reactions online, with many arguing that a S$6.8 million annual pay package remained extraordinarily generous despite the cut.
One commenter wrote, “Very sad, cannot afford his next yacht this year liao.”
Another quipped, “He needs more CDC vouchers and U-save rebates. Bro is struggling.”
Several netizens questioned whether the consequences reflected the seriousness of the incidents. One wrote, “You would expect a mistake like that to have cost him his job and jail term since people died during the outages in Australia.”
Another compared the outcome with how rank-and-file employees are often treated, saying, “If a regular SingTel employee f@#$ed up like that, that person would’ve been banished.”
Echoing that sentiment, another commenter wrote, “Meanwhile: unknown underpaid low wage staff gets fired for littlest of thing.”
Some netizens also joked that the CEO would now have to tighten his belt, with one writing, “How’s he going to survive on $6.8m in this economy!”
A number of commenters agreed that it was lucky that there are “CDC vouchers for him to tide through” thanks to the benevolence of the PAP.
Quite a few commenters sarcastically called Mr Yuen a “poor thing” while others pretended to be devastated by the “tragedy” of being paid a mere $6.8 million.
“Oh no, what is he going to do now? The tragedy,” one commenter said, while another asked, “Oh no, so poor thing, how can they let him earn just $6.8 million?”
Showing just how out of reach his pay package is, another commenter lamented, “I wish my pay would fall to S$6.8 million too…”
Follow Google News
Join us on WhatsApp
Follow us on Telegram