Keppel Pledges A $4.2m Package To Support Singapore During COVID-19 Pandemic
This comes on the back of the company’s earlier donation of over S$900,000 to support Singapore and international efforts to mitigate the impact of COVID-19.
Keppel Corporation Limited has announced a package worth more than $4.2 million to help the Singapore community weather COVID-19.
The package will be funded by voluntary contributions from the Keppel Group’s directors, senior management and staff, with dollar-for-dollar matching contributions from Keppel Corporation.
“As one of the largest home-grown companies in Singapore, Keppel will do what we can to strengthen national resilience in the fight against COVID-19,” said Dr Lee Boon Yang, Chairman of Keppel Corporation.
“Through this package, we will provide support to the communities most affected by the pandemic, including healthcare workers and patients, lower-income families, as well as Small and Medium-Sized Enterprises (SMEs).
“Keppel has stood together with the community to overcome many challenges over the past five decades.
“I am confident that with unity and determination, we can effectively weather this difficult environment, and emerge stronger together.”
The CEO and CFO of Keppel Corporation, as well as CEOs of key Keppel business units, have volunteered to give up one month of their salaries in April 2020 to support this effort, while Directors of Keppel business units will contribute an equivalent amount of their annual fees.
Other members of the Group’s senior management will forgo half a month of their salaries, while other Keppel employees in Singapore can contribute any amount of their choice, according to the company.
The estimated $4.2 million initiative is set to be used in the following manner:
About $3.5 million will go towards supporting lower-income households in Singapore, through rebates given by Keppel Electric, M1 and City Gas to residents living in 1 and 2-room HDB flats. The rebates will be rolled out starting from 1 May 2020 and are expected to benefit more than 40,000 households. More details are provided in the Annex.
A further $300,000 will be donated to The Courage Fund to support communities affected by COVID-19. This is in addition to the $300,000 earlier donated by Keppel Care Foundation, bringing Keppel’s total contribution to The Courage Fund to $600,000.
$400,000 will be set aside to support Keppel’s frontline contract staff, such as cleaners and security personnel.
The company added that any additional amount contributed by Keppel’s employees will be channelled to The Courage Fund.