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Securities company employees and the year-end sorrow
Employees with securities companies enjoyed a Happy 2008 Tet with sky-high Tet bonuses, making labourers in other sectors envious. However, the golden age is over and they only expect the one-month salary bonus for this Tet.
A plain Tet
When asked about the Tet bonus, most of securities company employees said that they do not expect a large bonus as they know well that the companies did not make high profits in the last year from the sagging market.
Hang, who is an employee of a securities company belonging to a big bank, related that last year that she got six months worth of salary for her Tet bonus. The sum of money was big enough to allow her to pay debts and purchase motorbikes. However, Hang does not expect such a high bonus for this Tet.
Hai was once a telecommunication engineer; however, he quit the job for a foreign telecommunication group after two years of working there after he heard that he would earn much more money from working in stock brokerage. Hai followed training courses to get certified to practice as a stock broker. However, the job did not bring a high profit to him for a long time.
Hai has not had many jobs since the beginning of 2008 as there have hardly been any investors. He is now seriously thinking of coming back to work as an engineer. Hai said that 2009 will see a lot of companies going bankrupt or merged into others, which will also mean the massive dismissal of employees. Even when he still works for securities companies, the wages will not be attractive any more.
The director of a HCM City-based securities company breathed a sigh when he was asked about the Tet bonus of his company. He said that he will try to give a one-month salary to his employees, adding that the survival of the company in this current period should be seen as lucky.
Where to go?
80% of securities companies have been reportedly incurring loss due to the stock market drop in 2008. Most companies have narrowed their operation scale and they do not intend to recruit more employees with promised lucrative salaries as they did last year.
Le Dat Chi, Lecturer of the Finance Faculty under the HCM City Economics University, said that the worry about unemployment after graduation has returned to students. The graduates in 2008 have been struggling to look for jobs as securities companies all have stopped recruitment.
Though the income has been decreasing over the last year, Hang does not intend to find a new job. “Where to go?” Hang questioned, as she does not know what she can do, if not stock brokerage.
Hang’s colleagues have also been thinking the same way as Hang. They have been trying to stay at the same companies, hoping for the stock market to bounce back.
Sources said that a Hanoi-based company plans to expand its operation in HCM City and plans recruitment. However, the company has delayed the plan as it does not have money to pay salaries.
Another company has advertised for a new vacancy at the company for several months. However, it then asked the candidates to work as collaborators and not as official employees, which can help it free from other fees for them.
TBKTSG
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