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Securities companies do not expect high Tet bonuses
2010 proves to be not a prosperous period for securities companies due to the quietness of the stock market.
Tet (The traditional Lunar New Year) will come in more than one month, and it is now the right time for employees to forecast the bonuses they will receive. In previous years, the information about Tet bonuses in securities companies always caught public attention, because this was considered the most lucrative business.
As for 2010 Tet, for example, the bonuses given by medium size securities companies were equal to 2-3 month salaries. the bonuses at more well known companies such as HSC and SSI equaled 5-6 month salaries.
However, experts have anticipated that the Tet bonuses of securities companies this year will not be high. Though there have been no official reports from securities companies about their business results, analysts believe that many securities companies will have modest profit this year, while some companies will even make losses.
Nguyen Van Dung, General Director of Tan Viet Securities Company TVSI said that 2010 is a harsh year. Dung said the company is unlikely to fulfill the business plan set up earlier this year. Therefore, the company would only give the modest bonus to its staff, which is considered the 13th month salary. However, Dung said that bonuses have still been awarded regularly to staffs. Brokers, for example, get bonuses every month based on their ability. In the past, when the market was hot, the company once awarded hundreds of millions dong to the brokers who had high business achievements.
According to Dung, when the market is bustling, it is necessary to cut the Tet bonuses for staff, because they get high bonuses every month already. Meanwhile, when the market is gloomy, it is necessary to offer higher Tet bonuses in order to encourage the staff.
In fact, the operation of securities companies has been heavily dependent on the market’s ups and downs, therefore, Tet bonuses also go up and down all the time,
In 2008, when the market was lackluster, and 50 percent of securities companies made losses, the officers of the companies did not have much money to celebrate 2009 Tet. Le Ho Khoi, General Director of Trang An Securities Company said that though in 2010, the business hasnot been very good, the company can still make profit. Therefore, the company is considering awarding 1-2 month salaries to its staff.
Meanwhile, Nguyen Van H, an experienced broker at one of the top five securities company in Vietnam, said that he may get only one-month salary in Tet bonuses this year, about 10 million dong. However, H said that Tet bonus is just a small part of his income, because the main source of his income does not come from salary, but from the “commissions”. Sometimes, his commission reaches 100 million dong a month
Director of a securities company in Hanoi said that the company is applying a monthly awarding mechanism. As such, besides the 13th month salary bonus, the company will give different bonuses to different workers based on their abilities and contributions to the company.
Johan Nyvenne, General Director of HCM City Securities Company said that the final decision has not been made, but it is expected that the total bonuses for 2011 Tet would be equal to 60 percent of the 2010 Tet bonuses. Since the company has more workers this year than the previous year, the bonus per capita would be much lower.
vietnamnet, Dau tu
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