Statoil to freeze wages for management

While employees are let go, the wages will be frozen for management at the Norwegian oil company.

Photo: Statoil

Management at Statoil will now get a taste of its own North Sea oil. At least in 2016, there will be no wage increases for the four levels of management, ranging from the executive level to the middle managers, Norwegian newspaper Dagens Næringsliv reports on the basis of an internal announcement from the oil company.

"This wage freeze in 2016 will support the work we have implemented, to ensure that we exit this downturn as stronger company which is even better equipped for the future," writes Statoil's senior vice president for Corporate HR, Magne Hovden, according to the newspaper, in the announcement.

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