Sheng Siong Staff To Get Up To 16 Months’ Bonus
Sheng Siong employees will receive bonuses of up to 16 months, including the annual salary supplement (AWS), according to a leaked internal memo dated Jan.21, 2021.
The memo shows that eligible staff members are entitled to 20 percent of the company’s pre-tax profits as a variable bonus.
A portion of the bonus payment was distributed last year, and the remaining payment will be made in early March of this year.
Sheng Siong’s memo gave a breakdown of the amount of bonus his employees can expect to receive in total.
- Part-time workers – 4.68 months bonus
- General staff – 8.36 months bonus
- Assistant supervisor at senior management levels – 12 month bonus
- Assistant manager level and above – 15.82 months bonus
In contrast, each respective level received 3.36 months, 5.73 months, 8 months and 10.45 months of bonuses in 2019.
In the memo, the company said the exceptional bonus was to recognize that it had “performed extremely well compared to previous years” in 2020.
In the first nine months of last year, Sheng Siong’s net profit jumped 83.3% to S $ 107 million from last year, and its revenue grew 44.6% to 1 , 07 billion dollars.
The increase was “mainly due to high demand stemming from Covid-19,” the listed company said in a financial statement on its website.
Sheng Siong’s annual figures are not yet available because its fiscal year ended on December 31, 2020.
In the first half of last year, supermarkets saw a surge in sales amid the pandemic, especially during the “panic buying” crisis during the breaker.
According to last year’s Bloomberg Billionaires Index, the combined fortune of the Sheng Siong family, based on its 57% stake in the supermarket chain owned primarily by Lim Hock Chee and his two brothers, climbed to 1.1 billion dollars ($ 1.57 billion).
Lim has always been among Singapore’s 50 richest, and his net worth grows steadily every year – from S $ 345 million in 2012 to S $ 870 million in 2019.
Featured Image Credit: Asia Retail News
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