Improved business performances within Malaysia’s corporate sector have led to a hike in bonus amounts for locals this year.
According to the Bonus Pay-Out 2014 Survey by JobStreet.com, 30% of 620 employers surveyed said they will give out higher bonuses in 2014.
The survey found companies in the electronics, accounting and audit, and hospitality sectors were planning to pay two months bonuses, which is just above this year’s local average of 1.7 months.
The main beneficiaries from the bonus hike are expected to be employees from the finance, banking and human resources sectors, with employers from these industries indicating that they will be looking to pay bonuses of four months and above.
“In the 2013 JobStreet.com Bonus survey, the average bonus pay-out was 1.5 months, indicating that there was a slight hike of bonus increase this year,” the report said.
The survey included the increase in bonus was in line with what employees themselves were expecting. Out of the 3,287 local employees surveyed, 58% said they were already anticipating these changes.
“According to these employees, they believed that they have fulfilled more than their company’s expectations in terms of their work performances,” the report said.
These expectations were slightly dampened when it came to expectations about salary increments.
While the average salary increment is set to be at 5.5% according to bosses, 54% of employees stated in the survey they were expecting a salary increment of 6%.
“However, on a positive note, 32% of employers mentioned that in view of the strong employment market they intend to give out higher salary increments, citing staff retention as a key reason,” the report said.
“The banking sector came up the highest when they indicated that they were giving 10% salary increment.”