The Malaysian Insider :: Features

Posted: 10 Jan 2014 04:36 PM PST

January 11, 2014

Bonuses are expected to increase this year although the quantum may not be much. If this is true, Malaysians can heave a sigh of relief as more money makes its way into their accounts in the first quarter of 2014, says iMoney. – January 11, 2014. What will your answer be if asked how you would like to be rewarded for your efforts and performance, in addition to your fixed salary? Most will say a cash reward in the form of a raise or bonus, which they can then spend on themselves.

There is no doubt that for employees, pay-for-performance is a highlight of every year, where everyone anticipates and waits for the announcement by their employer. Most believe that when an individual performs well, his or her pay must go up, and when he or she performs poorly, the pay must stay the same or even, go down.

It is not easy scoring high bonuses as they are not only based on individual's performance but also the company's overall performance in terms of profit.

According to a JobStreet survey on 4,543 Malaysian employees earlier this year, 56% who received their 2012 bonuses were not happy with the amount they received.

Most industries reported an average bonus of 1.5 times an employee's monthly salary, while sectors with the highest bonus payouts were finance and banking, telecommunications and retail sectors.

In light of the various price hikes in 2014, a bonus is definitely handy but will this year's bonus, which will most probably be paid out next year, be up to our expectation?

iMoney has the scoop on the performance bonus payouts of various companies in Malaysia and since you have been good this year, we will share this exclusive information with you.

Airline (0 – 1.5 months bonus)

There have been rumours about a slash in bonus payouts to AirAsia employees this year; though these rumours were not confirmed, it seems likely to be true. AirAsia posted a net profit of RM198.6 million for the first nine months ended September 30, 2013, as compared to RM3.59 billion for the same period in 2012. Looking at these figures, a slash in bonus payouts will not come as a surprise.

According to the same report by The Malaysian Reserve, the national airline, Malaysia Airlines (MAS) did not award any bonus last year and will not do so this year as it continues to make a loss of RM830.2 million for the first nine months ended September 30, 2013.

Civil servants (0.5 month bonus)

Prime Minister Datuk Seri Najib Tun Razak in his Budget 2014 announcement has revealed a half month bonus or a minimum payment of RM500 to about 1.4 million civil servants. According to iMoney's Budget 2013 infographic, civil servants were awarded with one-and-a-half-months' bonus this year (2012's bonus), a full one month's bonus above what civil servants are entitled to next year (2013's bonus). Will it be sufficient to lessen the financial burden that awaits them in 2014?

Telecommunication (2 – 6 months bonus)

According to a reliable source from Celcom Axiata Berhad, the average bonus payout for employees is a minimum of two months' salary and a maximum bonus of six months' salary for extraordinary performance. However, the payout is based on performance and is not guaranteed. Bonus is usually paid in March or April.

Internet startup (1 month bonus)

An ex-employee of Groupon Malaysia revealed that a one-month bonus has been the usual practice in the e-commerce start-up. Payout is usually at the end of January the following year (i.e. 2013's bonus is paid in 2014). Most start-ups find it tough to compete with larger more established organisations which offer attractive compensation for their employees. However, with a one-month bonus, Groupon is well on its way to attract the best talent in the country.

Hotel & hospitality (2 months bonus)

It pays to be employed by Tune Hotel, a company owned by Tan Sri Tony Fernandes. The high profile company which has made headlines numerous times is said to offer an average of two months' bonus paid at the end of January the following year. However, the quantum is still dependent on the employee's performance and grade.

Legal (1.5 months bonus)

According to a source from a local law firm, the average bonus awarded to its staff is equivalent to approximately one-and-a-half-months' salary. The bonus, which is paid out in December of each year, is just in time for its employees to usher in the New Year in style.

Banks (2 months bonus)

An employee from Standard Chartered Bank revealed that the average bonus per employee for 2012 is approximately RM10,000, a sum equivalent to two months' salary. The bonus is usually scheduled to be paid out in March. Obtaining that fat bonus is not an easy task however, as the bank takes into account key performance indices.

Accounting Firms (1 month bonus)

Deloitte (Malaysia), one of the top accounting firms in Malaysia, offers a minimum of one month's bonus paid out in July. The bonus is based on a mixture of company's performance, respective group's performance and individual performance review. According to our sources, most firms in the same industry have similar bonus structures.

We all know the absence of annual bonuses often results in financial distress. The above estimated bonus payout among Malaysian companies are based on 2012's bonus. However, with higher inflation rate and cost of living, Malaysians will inevitably require a higher bonus to mitigate the financial impact.

Based on a poll conducted by HR Business Solutions (HRBS) on a pool of 1,700 employers across 19 Asia Pacific markets including Malaysia, bonuses are expected to increase this year although the quantum may not be much. If this is true, Malaysians can heave a sigh of relief as more money makes its way into their accounts in the first quarter of 2014. – iMoney, January 11, 2014.

Sources:

The Malaysian Reserve

The Malaysian Times

Kredit: http://www.themalaysianinsider.com

Sabtu, 11 Januari 2014

The Malaysian Insider :: Features

The Malaysian Insider :: Features

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