Top-tier executives at Yang Ming Marine Transport have accepted a big pay cut to weather the liner shipping storm.
The Taiwanese owner said the salaries of its first line managers would be slashed by one third while executives’ wages would be reduced by 50%.
This new salary structure is expected to bring savings of nearly $1m, the company explained.
Yang Ming saw its quarterly loss dramatically increase between April and June from TWD 24m ($0.8m)
