74% unhappy with bonuses this year

PHOTO: 74% unhappy with bonuses this year

SINGAPORE - Most Singapore workers who received bonuses this year are not satisfied with the payout they received, a JobStreet survey has found.

In a survey of 1,962 Singaporean employees, of which 62 per cent were senior level executives, JobStreet found that 74 per cent of those who received bonuses this year were unhappy with the amounts given to them.

About 60 per cent of respondents said they had received bonuses this year, with most bonuses averaging around one to two months of salary.

The highest bonuses received were at a rate of six months or more. There were received by employees from the finance and banking, marine and offshore, oil and gas and manufacturing sectors. However, this group only represented two per cent out of the total respondents who received their bonuses this year.

While most employees surveyed were paid bonuses between $2,000 and $5,000, 26 per cent indicated their bonus had increased compared to last year. Another 33 per cent said their bonus remained the same, while 40 per cent reported receiving lower bonuses.

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Among respondents who received bonuses, 75 per cent indicated they were harbouring intentions of leaving their jobs. Of those, 26 per cent are leaving despite being satisfied with their bonus payout.

The survey also found that monetary rewards, such as bonuses and increment, were the most powerful incentives with regards to encouraging high performance and retaining employees.

While fringe benefits like company incentive trips and medical/welfare entitlements are appreciated, cash incentives are more practical in dealing with the increasing cost of living in Singapore, they said.

One respondent said: "Despite the market's outlook, employees should still be rewarded for their valiant effort. Cuts and saving measures should be done towards company's assets or equipment/production costs instead of manpower."