With local companies watching their profits slide as a reflection of the economic downturn, the fiscal new year is off to a bad start for the numerous employees who will see cuts in their year-end bonuses.
According to 1111 Job Bank estimates, although 86 per cent of businesses will continue to hand out year-end bonuses, the average amount has been reduced to the equivalent of 1.41 month's salary - that is 0.41 months less than numbers reported last year.
Another site found that 41 per cent of employees are not expecting to receive a year-end bonus at all.
1111 Job Bank numbers showed that businesses nationwide gave themselves low points on profit performance, with tech companies - an industry with the highest year-end bonuses in the past - losing its top spot to "business services," followed by the "trade" and "mass production/manufacture."
For the 86 per cent of businesses giving out bonuses, factors taken into consideration include the employees' annual salary, personal performance, and productivity.
A majority of companies choose to give half a month's salary as a bonus (28.78 per cent), followed by 1.1 to 1.5 months salary.
Yes123 Job Bank numbers showed that many employees desired a high of 3.8 months salary as a year-end bonus, yet 41 per cent believe they will receive nothing at all. Up to 80 per cent of workers would jump ship to another company if they do not receive bonuses.
The worries of the employees may prove to be accurate, as the same survey found that 36.6 per cent of businesses are not planning to give out raises. The job bank also found 63.4 percentage of companies planning to increase wages, with an average raise of NT$1,724 (S$74).