Sheng Siong employees will receive rewards for up to 16 months including the Annual Wage Supplement (AWS), according to a leaked internal memo dated January 21, 2021.
The memo shows that eligible employees are entitled to 20 percent of pre-tax corporate profits as a variable bonus.
Part of the bonus payout was issued last year, and the remaining payout will be paid out in early March this year.
The Sheng Siong memo gave a breakdown of how much bonus employees can expect in total.
- Part-time employees – 4.68 months bonus
- Employees – 8.36 months bonus
- Deputy Supervisor for Executives – 12 Month Bonus
- Assistant Manager Level and above – 15.82 month bonus
In contrast, the respective level in 2019 received a bonus of 3.36 months, 5.73 months, 8 months and 10.45 months.
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In the memo, the company said the bumper bonus was to realize that in 2020 it "did very well compared to previous years."
For the first nine months of last year, Sheng Siong's net income rose 83.3 percent year over year to S $ 107 million, and sales rose 44.6 percent to S $ 1.07 billion.
This increase was "mainly due to the increased demand due to Covid-19," said the listed company in a financial report on its website.
Sheng Siong's full year figures are not yet available as the fiscal year ended on December 31, 2020.
In the first half of last year, supermarkets saw a sharp increase in sales during the pandemic, particularly during the "panic buying" during a circuit breaker.
According to the Bloomberg Billionaires Index last year, the Sheng Siong family's total assets, based on their 57 percent stake in the supermarket chain, primarily owned by Lim Hock Chee and his two brothers, are $ 1.1 billion (Jan. , 57 billion S-dollars).
Lim has always been in the top 50 richest in Singapore, and his net worth gradually increased each year – from S $ 345 million in 2012 to S $ 870 million in 2019.
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