With the end of the Lunar year approaching, most discussions in Chinese companies revolve around the end-of-year bonuses. How much bonus will you get this year? Will the recession affect my bonus? The excitement created is no surprise as these bonuses can sometimes amount to more than the employee's annual salary. Although a receptionist in a finance company may only get 10,000 RMB, some sales managers pocket millions according to a recent Guangzhou Daily report.
Bonuses often become a source of inequality and corruption and so an expert from Taihe Consulting, Pu Shilin warned companies: "Bonus should be allocated fairly and transparently to assure all the staff know why some people get more and some get less."
Financial industry gets more
People working in the financial sector, especially securities, fund and trust companies are supposed to get the highest bonuses this year. Real estate, hi-tech, consumer goods and fast food were also doing pretty well.
In one finance company, a receptionist's monthly salary reaches 3,500 RMB and she can hope to receive 10,400 RMB in bonus. However, sales managers can earn up to three or four million RMB and a supervisor might even get eight to nine million RMB.
A salesperson in a bank commented: "Some of our staff only get a bonus of 4,000 RMB whilst others get 200,000." Generally speaking, half of them can get at least 80,000 RMB."
Grim New Year for Trading & Logistics
Industries reliant on exports such as trade and logistics had a hard year in 2009 so end-of-year bonuses are expected to be very low this year. That is also the case of the non-ferrous metal industry.
Editor: Canton Fair