Every employee , after working hard for the past one year would be looking forward to the announcement of bonus from their company. Are you waiting for bonus too? Are you confident that you will get something this year? For the ones in the tourism industry, it is in a tough situation currently. Many malls are also struggling too. It may not an easy time for many companies currently especially because of the COVID-19 but there are definitely exceptions yeah.
For example, logistics company. The things we bought online needs to be delivered. Another example would be glove companies. Here’s another company which is doing very well and has even announced bonuses of up to 16 months! Hopefully more companies who are also doing well would follow yeah. Do not just reward the top management. The frontliners deserve a lot more attention too.
Article in straitstimes.com. Eligible Sheng Siong staff will receive total bonuses of up to 16 months, inclusive of the annual wage supplement (AWS) for 2020, with the supermarket operator having raised the variable bonus to 20 per cent of the company’s profits before tax, Today reported.
The bumper bonus was to recognise that the company had “performed extremely well as compared to previous years”. Total bonusses for staff ranged from 4.68 months for eligible part-time staff and 15.72 months for those ranked as assistant managers and above. Do read the full news here yeah. Article in straitstimes.com
Significance of 16 months bonus?
This is like working for 12 months and getting a total of 28 months pay! In fact this will be a good news for the economy too. All these staffs would definitely be spending a lot of these newly gotten wealth. Imagine a typical salary of S$5000 (RM15,221) x 16 months and we will get S$243,536 for just one assistant manager. Assume this one person spends just 30% of this and that’s S$72,000. With a multiplier effect of 4, this is a contribution of close to S$300,000 to the economy.
Significance of money going to the ones needing it more?
This is why it’s very important to understand that when the richest get ever richer, the money does not flow into the economy. When the money flows to the ones who need it more, they will spend and the economy will benefit. This is why I kept writing about why it’s very inappropriate for startups to kept getting ever higher valuations and making the founders ever richer but when something goes wrong, the ones losing their jobs would be the frontliners.
Everyone would get paid fairly for what they do. Companies which are earning good profits should distribute more of these profits to their people who have worked so hard for the company. If you know of any such good companies paying such a huge bonus to their employees, please let me know yeah. Let’s keep motivating them and reminding all other companies to do the same.
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my company announced no salary increment, let alone bonus…
Hi Jane, if your company is still keeping everyone employed, that’s already better than many companies which had asked staff to leave or even close down. Let’s do best and hope 2021 is a better year.