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A recent report released by Career International Consulting said at least 64 percent of employers in the country are planning to increase annual bonuses for their employees this year.
If you are an employee of the 64 percent, don't rejoice just yet. Career International Consulting reported that the increase will be less than 10 percent and only 3 percent said they will increase the bonuses by more than 20 percent.
The report covered the survey of 847 companies in China. The survey was carried on in late November and counted state-owned enterprises (SOEs). Of all the SOEs surveyed, about 70 percent stated that they plan to increase the year end bonuses of their workers. The number is higher than the number of private firms and multinationals that are planning an increase, said the report released Tuesday.
In contrast, multinational firms, which were badly dragged down by the global economic crisis, have announced staff cuts and are less interested in increasing the year-end bonuses of their employees, said Feng Lijuan, chief consultant at 51job.com. The year-end bonus of workers in China is not just an annual cash gift from employers, but it also plays an important role in retaining and attracting talents and measures the performance of a company for the year.
According to Feng, the company's year-end bonus measures performance and profit for the entire year. He said that workers in the banking industry used to get high year-end bonuses until the industry fell out of the top five performers due to challenges in the sector.
Another report released by recruitment website lietou.com said 60 percent of employees revealed that their bonus dropped between 10,000 RMB and 50,000 RMB last year while another 26 percent claimed they received bonuses between 5,000 RMB and 10,000 RMB in 2012.
