Local supermarket Sheng Siong will be giving its employees bonuses of up to 16 months, inclusive of the annual wage supplement (AWS), to recognise the company’s “tremendously well” performance for the “turbulent” year of 2020 as compared to previous years.
Sheng Siong reported a 54.4 per cent year-on-year increase in net profit to S$31.8 million for the third quarter of last year, ending on 30 September, as stated on its website.
Its revenue jumped 28.9 per cent to S$327.3 million in the third quarter of last year, which was mainly driven by demand arising from the COVID-19 pandemic.
Sheng Siong’s balance sheet was also reported to remain “healthy” with net cash of S$179.8 million as of 30 September last year.
In an internal company circular sent out last week, it was stated that all eligible employees are entitled to 20 per cent of the Sheng Siong Group’s profit before tax as variable bonus.
The total bonuses for staff ranged from 4.68 months for part-time staff, inclusive of AWS, to 15.72 months for employees holding the positions of assistant manager and above.
Sheng Siong’s general staff will be given bonuses of up to 8.36 months, whilst those who hold a position ranging from assistant supervisor to senior executive will have bonuses of 12.04 months.
It was also noted that a portion of the bonus payout has been distributed last year, with the balance to be paid out in March this year.
Sheng Siong vs NTUC Fairprice
Following Sheng Siong’s move to reward its staff for the company’s “tremendous” performance, netizens were quick to compare the local supermarket chain with NTUC FairPrice – a co-operative of the National Trades Union Congress (NTUC).
Netizens took to Reddit to justify why they think Sheng Siong is better than NTUC FairPrice.
One user, who claimed that he worked as a part-timer at NTUC FairPrice before, noted that FairPrice employees would be questioned by the upper management if they merely “have a seat” during working hours.
He added that part-timers are not eligible for a bonus due to being outsourced by a recruiting agency.
Another user said that NTUC would rather expand FairPrice branches than to reward its employees, nor to lower the price of their products.
One netizen pointed out that Sheng Siong is “more incentivised” to pay their staff despite being a private company, as compared to FairPrice.
Some users opined that Sheng Siong offers better prices than FairPrice.
What’s more, one user noted that Sheng Siong has “consistently” set its product prices lower than NTUC FairPrice’s prices, which has led to its success.
Other users praised Sheng Siong for being a good employer to its staff.