44 CAPITALAND CHINA TRUST SOCIAL HUMAN CAPITAL 55.0% of CLCT employees in Singapore and China have been with CLCT for five years or longer. CLCT interviews resigning employees as part of its continuing efforts to improve its retention policies and initiatives. There were no temporary employees, non-guaranteed hours employees or part-time employees directly employed by CLCT in 2023. Workers Who Are Not Employees As of 31 December 2023, there are four workers who are not considered CLCT employees. These workers were assigned to CLCT's Finance, Investment and Portfolio Management and Investor Relations departments, and their work scope was managed by CLCT. There were no significant changes in the number of workers who are not employees in 2023. This year, a total of 1,627 term contractors were engaged by our property management team as elevator maintenance, fire protection facility maintenance, security guards, cleaners for our properties in China. Fair Remuneration All employees of CLCT have entered into employment contracts with key employment terms and conditions clearly defined. This allows employees to understand both their rights and obligations, as well as those of the company, thus minimising potential employment disputes in the future. Key employment terms specified in the employment contract include the job title and description, duration of employment, working hours, salary and allowances, statutory contributions/deductions, leave entitlements, probation and notice periods, and key insurance and medical benefits etc. To maintain a competitive edge in attracting and retaining the right talent, CLI employs the services of external, independent remuneration consultants to benchmark the company’s compensation packages against the relevant talent markets. Salaries are evaluated against the benchmarks, with consideration given to specific job scope and responsibilities of each employee. Annual performance reviews are conducted for all employees, providing an opportunity for open discussions about performance, areas for improvement, development needs, and career aspirations. CLCT ensures its remuneration packages are comprehensive and competitive that are reviewed regularly against market benchmarks based on job roles using gender-neutral pay surveys provided by independent remuneration consultants. Sustainability targets are used to determine individual remuneration outcomes (financial and non-financial). In addition to base salary, CLCT provides other compensation components that include short-term cash bonuses and long-term equity-based reward plans. CLCT’s overall annual variable bonus pool is determined based on CONTINUED EMPLOYABILITY – CLI’S TRANSITION ASSISTANCE PROGRAMME CLCT leverages CLI's transition assistance programme to engage with employees who are approaching retirement, starting nine months prior to their retirement date. This programme aims to re-evaluate their career options, which may include early retirement, step-down positions, or consultancy roles. Furthermore, CLI provides support for a smooth life transition by offering programmes that address health, wealth, and emotional well-being to these retirees. These programmes include training workshops aligned with CLI's Building Capability Framework to equip them with future-ready skills, as well as educational talks on health, wealth, and career strategies held throughout the year. In cases where employees experience involuntary career endings, CLI initiates one-on-one conversations to understand their plans and life goals. Through these conversations, CLI helps to explore suitable redeployment opportunities, either within the company or collaborate with external agencies, such as the e2i – Employment & Employability Institute, to secure appropriate placements that leverage the affected employee’s skills and experience. In accordance to the Tripartite Guidelines on the Re-employment of Older Employees, affected Singapore-based employees who choose to exit the company without accepting the re-deployment opportunities will receive an employment assistance payment to support in their transition.
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