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Wednesday, 31/12/2008 12:03

Tet bonus: banks, securities companies gloomy and sad

Banks’ and securities companies’ staffs now understand that they should not expect Tet bonuses as large as the ones they got last year, as the banking system and the stock market have experienced a hard year full of ups and downs.

Duong Thu Huong, Chairman of the Vietnam Banking Association, said that with so many ups and downs, the survival of banks and securities companies alone should be seen as an exploit – one should not expect a large bonus for Tet.

A little better than nothing

Nguyen Thi Lan, an accountant at Military Bank, said that last year, every staff of the bank got a three-month-salary bonus and a certain volume of shares. The exact Tet bonuses have not been announced for this year, but Lan is sure that the bonuses will be lower.

“We should not be too demanding in the context of the common difficulties of the national economy. A two-month-salary bonus would be enough to make me happy,” Lan said.

Thuy, who works for Techcombank, said that in general, the bank’s staffs get bonuses quarterly, and they get two-month-salary bonuses for Tet. She is also hoping for a two-month-salary bonus this year.

Nguyen Hai Ky, Chairman of the Vietnam Banking Trade Union, said that no commercial bank has announced Tet bonuses so far. However, like Huong, Ky has confirmed that the 2009 Tet bonuses will not be as high as the 2008 bonuses. Last year, managers of many banks got several hundred million VND each.

Vu Van Tien, Chairman of An Binh Bank, said that lower profit will certainly mean lower 2009 Tet bonuses. Tien said that last year managers of the bank got over VND200mil Tet bonuses.

“Our profit decreased by 30% in 2008, but we are still trying to give a 13th-month salary to staffs and give additional bonuses to individuals with prominent achievements,” Tien said.

General Director of Techcombank Nguyen Duc Vinh said that Tet bonuses will not be determined until January 2009, but he confirmed that the bonuses would be lower than last year’s due to the bank’s difficulties.

Stock companies’ bonuses sliding in accordance with VN Index

Though expecting the lower bonuses for Tet 2009, banking staffs still seem to be happier than securities companies’ employees.

The dramatic falls of the stock market in 2008 have forced the profit of securities companies down. A lot of companies, suffering prolonged losses, have had to cut jobs.

Kieu Huu Dung, Chairman of the Board of Members of ACB Securities, said that last year, the highest Tet bonus level of the company was an eight-month’s salary. However, the highest will be a five-month’s salary this year.

Dung added that ACB Securities still can give bonuses to staffs because it also trades bonds, while not relying solely on stocks. “Remember that the VN Index has dropped to 286 points and you will understand how difficult the conditions are securities companies have been operating in,” Dung said.

General Director of Bao Viet Securities Company Nguyen Quang Vinh said that last year he got VND250mil for a Tet bonus, while normal staffs got VND40-50mil each. He said that this year he will get VND35-40mil, while staffs will get one-month salary, or VND15mil.

Vinh said that the bonus of VND15mil proves to be relatively high compared to other securities companies, adding that the Tet bonus will be extracted from the company’s welfare funds, not from the profit from stock trading in 2008.

 VnMedia

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