01 Feb '11, 5am

Bonuses of two months are the norm for this festive season

SINGAPORE - Sizzling business last year has translated to bumper red packets, or hongbao, for employees of Chinese towkays this Chinese New Year (CNY). And the bonuses are finding their way to Chinatown, with retail sales for the festive season up 15 per cent so far from last year - despite the rain - said Chinatown Business Association chairman Wong Chi Keong. Local staff of Goodrich Global, a supplier of interior wall coverings, for example, can expect an average of up to four months bonus depending on performance, although they did not get the full amount in their CNY payout, given two weeks ago. "Employees aren't stupid. They'll know when a company's doing well," said Goodrich chairman Chan Chong Beng, whose company's profit last year increased by "two to three times" from 2009. "Last year, they didn't ask for much because they knew the company wasn't doing well. This ...

Full article: http://www.todayonline.com/Singapore/EDC110201-0000188/Bu...

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