Wynn Macau: 90% of management has agreed to shares for reduced salary

Wynn Macau Ltd said Tuesday that 90% of the company’s management had agreed to a reduction in salary on the basis that they would be offered shares of equal value to the salary reduction instead.

The statement, provided to Inside Asian Gaming, follows comments from the Macau Labour Affairs Bureau (DSAL) insisting that, according to the law, no enterprise is allowed to use “shares” as a substitute for cash payroll. DSAL did, however, add that it would be acceptable for the employee and the employer to agree to pay some or all of their salary in a non-monetary way, despite this not complying with Article 63 of the Labour Relations Law.

Wynn Macau responded that 90% of the company’s management had agreed to the salary reduction and the company was grateful for the contribution of the employees concerned. It has issued an assurance that all affected employees would be granted shares of equal value to their salary reduction.

Source: https://www.asgam.com/index.php/2022/06/08/wynn-macau-90-of-management-has-agreed-to-shares-for-reduced-salary/