SINGAPORE - Singapore hospital and healthcare operator Parkway Holdings said on Monday it will cut salaries and lay off up to 4 percent of its staff in a bid to rein in costs.

"The group is not immune to the current global economic challenges," the firm said in a statement.

Parkway, part-owned by Malaysian sovereign wealth fund Khazanah Nasional Bhd, said its directors would not receive any fees for 2008 while senior managers' salaries would be cut by 15-35 percent.

For middle management, the reductions would be between 5 and 10 percent, it said. Parkway did not say how many people would be affected by the job cuts.