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Tag: salary

  • Average New Year bonuses in HCMC up 30 pct

    Average New Year bonuses in HCMC up 30 pct

    Average New Year bonus given by HCMC firms to an employee is VND3.4 million ($146), 30 percent higher than in 2018. For the 2019 Roman Calendar New Year, bonuses have been significantly higher than in 2018, Le Minh Tan, director of the HCMC Department of Labor, Invalids and Social Affairs said, citing a survey. The survey covered nearly 2,000 enterprises and 415,000 workers.

    On average, bonuses given by foreign invested enterprises for the New Year was VND9.4 million ($403.65), 70 percent higher than the last, the survey found.

    For this Roman Calendar New Year, the highest bonus was VND500 million ($21,470), given by a foreign-invested enterprise.

    For Lunar New Year (Tet), which falls in February, the highest reported bonus was VND1.17 billion ($50,343), coming from a bank headquartered in HCMC.

    The average reward for Tet offered by enterprises surveyed is over VND10 million ($430.78) per person. Only four respondent businesses reported facing difficulties and not giving Tet bonuses for employees.

    There are still some enterprises that have not announced Tet bonuses for workers, waiting for business results. These firms plan to announce their bonuses by mid-January.

    Last Tet, the highest Tet bonus in HCMC was VND855 million ($36,718), given by an unidentified private enterprise.

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  • Korea’s Income gap widened again in 2nd quarter

    Korea’s Income gap widened again in 2nd quarter

    The income gap in Korea widened again in the second quarter, a serious blow to the so-called income-led growth policy of the Moon Jae-in government, which vowed to narrow the inequality in earnings between the rich and poor.

    According to data released by Statistics Korea on Thursday, earnings for households in the first quintile of income brackets, the bottom 20 percent of the population, retreated 7.6 percent in the second quarter compared to a year earlier.

    Households in the second and third quintile also saw their incomes fall by 2.1 and 0.1 percent – whereas the rich folk kept getting richer.

    The average income for people in the fourth quintile went up by 4.9 percent and for the fifth quintile by 10.3 percent.

    A similar trend was spotted from January to March this year, when people in the first and second quintile experienced 8.0 and 4.0 percent drops in their incomes while people in the fourth and fifth quintiles saw gains of 3.9 and 9.3 percent compared to the previous year.

    The total distribution ratio for disposable income – a barometer of earnings equality – was 5.23, which means the earnings of those in the fifth quintile were 5.23 times higher than those in the first quintile.

    That figure indicates that the Korean economy is facing the worst level of income inequality since 2008 when the ratio for the period of April to June came to 5.24.

    Officials from the Finance Ministry blamed the aging of Korea’s society and other long-term problems such as ongoing slumps in certain sectors like shipbuilding.

    “The Korean economy is suffering from a lack of domestic demand [for goods and services], a result of massive restructuring we have seen in the manufacturing sector since 2015,” said Park Sang-young, a director at Statistics Korea. “It seems like this situation is taking a toll on those in the first quintile of the income group.” Statistics Korea is run by the Finance Ministry.

    The statistics agency explained that the number of employed in households in the first quintile has shrunk from 0.83 per household last year to 0.68 per household this year, an 18 percent fall.

    For households in the fifth quintile, on the other hand, the number of workers rose from 1.99 per household last year to 2.09 this year, a five percent increase.

    But the data released on Thursday coupled with a jobs report from last week – which showed only 5,000 jobs being added to the economy in July – has deeply troubled some analysts.

    Some economists are blaming the Moon administration’s relentless push to raise the minimum wage for the worsening situation.

    For the Moon government, the minimum wage hike is a key pillar of its “income-led growth” policy.

    Its logic is that by pushing up the minimum wage, workers in the first and second quintiles would see their income go up, which was supposed to make workers wealthier, willing to spend more and meant to translate into greater hiring by businesses.

    But the effect has been much less hiring of workers than in the past, particularly in minimum wage jobs, and a measurable widening of the income gap.

    “The drastic hike in the minimum wage has little impact on those in the upper group of the income bracket,” said Yun Chang-hyun, a professor of business at the University of Seoul. “But for those in a more vulnerable position, it robs them of their jobs.”

    Despite such concerns by some analysts, the Korean government is adamant about its policies.

    Kim Dong-yeon, Korea’s finance minister and deputy prime minister for the economy, said on Thursday during a budget meeting at the National Assembly that the government will propose a budget plan next year that contains “the biggest budget allocated for jobs in history.”

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  • Vietnam set to increase minimum wages in 2019

    Vietnam set to increase minimum wages in 2019

    Vietnam’s National Wage Council has proposed a minimum wage increase of nearly $7-9 per month across all four levels in 2019.

    Overall, the average increase across the four levels will be 5.3 percent.

    All members of the National Wage Council (NWC) on Monday voted on the proposal to be submitted to the government.

    Under the proposal, the minimum monthly wage across four levels will be raised, depending on the area, from $171 to $180 (region 1); $152 to $159 (region 2); $133 to $140 (region 3); and $118 to $125 (region 4).

    At the same meeting, the Vietnam General Confederation of Labor (VGCL), proposed a minimum increase of 6.1 percent, while the Vietnam Chamber of Commerce and Industry, representing the business owners, proposed a 5.1 percent increase.

    All sides came to an agreement of a 5.3 percent increase as the final rate so the meeting could move to the voting round.

    Doan Mau Diep, deputy labor minister and chairman of NWC, said a 5.3 percent increase was reasonable and acceptable.

    “As the inflation rate is not too high, labor productivity is rising and businesses are facing exchange rate risks, we think it is reasonable to increase the minimum wage between 5 and 5.5 percent.”

    VGCL recently published a study on minimum wage and cost of living after surveying over 3,000 laborers in 150 different businesses in the country.

    26.5 percent said they were “barely getting by,” while 12.5 percent said their incomes were not enough to support their families, and have to work overtime or extra jobs to make ends meet.

    The study found that an average worker’s minimum spending is VND6.5 million ($290) each month, while the average base salary is just VND4.6 million.

    Thus laborers need to work on average an extra 28 hours a month just to make ends meet, the study found.

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  • Nike to rise salary of its employees

    Nike to rise salary of its employees

    After an internal review of the company’s pay structure, Nike has decided to increase the salaries of about 7,400 employees globally. 

    Ten per cent of the company’s workforce, across all job levels, will have their pay adjusted starting next month said Nike spokeswoman Illana Finlay in a statement on Monday. These changes are aimed to keep Nike salaries competitive within their industry, and “support a culture in which employees feel included and empowered.”

    The review comes at a time in which Nike’s HR policy is in the spotlight with several executive-level resignations, including president Trevor Edwards, in which Nike flagged “conduct inconsistent with Nike’s core values and against our code of conduct,” though there were no direct allegations of misconduct against Edwards.

    At the time, Nike’s human resources chief Monique Matheson noted the company had “failed” in promoting and hiring women and other senior-level positions.

    “While we’ve spoken about this many times, and tried different ways to achieve change, we have failed to gain traction,” said Matheson.

    “Our hiring and promotion decisions are not changing senior-level representation as quickly as we have wanted.”

    Deloitte LLP managing principal and vice chairman Cathleen Benko was recently appointed to the company’s board of directors, bringing experience leading an award-winning women’s initiative and broader inclusion focus at Deloitte.

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  • Japan firm says it will pay part of salaries in Bitcoin

    Japan firm says it will pay part of salaries in Bitcoin

    A Japanese company will start paying part of its employees’ salaries in Bitcoin, as it aims to get better understanding of the virtual currency, a spokeswoman said on Friday.

    GMO Internet, which operates a range of web-related businesses including finance, online advertising and internet infrastructure, will start paying up to 100,000 yen ($890) monthly by Bitcoin to its employees in Japan from February next year.

    “Employees can receive salaries by Bitcoin if they want to,” company spokeswoman Harumi Ishii said.

    “We hope to improve our own literacy of virtual currency by actually using it,” she said.

    The offer will be open to around 4,000 employees of the GMO group in Japan, she said.

    The company started a Bitcoin trading and exchange business in May.

    And next month, it will join the so-called “Bitcoin mining” business — gaining the right to receive new Bitcoins as a reward for helping keep the network secure by approving transactions.

    World Bitcoin prices have surged globally this year, soaring from less than $1,000 in January to $17,000 this week.

  • Monthly salaries in Vietnam rise fastest in Southeast Asia

    Monthly salaries in Vietnam rise fastest in Southeast Asia

    Salaries in Vietnam are rising faster than in any other Southeast Asian country, according to a recent survey released by employment website Jobstreet.com.

    The average annual growth rate of Vietnam’s payroll stands at 20-24 percent, compared to 14-20 percent in Thailand, the Philippines, Indonesia, Myanmar and Singapore.

    In Vietnam, management and executive salaries grew fastest, at 26 and 35 percent respectively.

    The survey found that 68 percent of companies operating in Vietnam want to expand their businesses in the future, so they have high recruitment demands. Jobstreetforecast that salary growth will continue with this demand.

    Vietnam’s minimum wage, however, doesn’t enjoy such a large jump. On Monday, the prime minister signed off on a decree raising the minimum wage for 2018 by 6.5 percent, the lowest nominal bump in 11 years.

    The rise brings the minimum wage for Region I to VND3.98 million ($175) a month. Region II to VND3.53 million, Region III to VND3.09 million and Region IV to VND2.76 million.

    In Vietnam, there are four different minimum wage regions, which are supposed to reflect the cost of living in each area. Region I, including Hanoi and Ho Chi Minh City, has the highest minimum wage, while region IV, which is for rural areas, has the lowest.

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  • Vietnamese graduates have unrealistic salary expectations

    Vietnamese graduates have unrealistic salary expectations

    Fresh graduates overestimate their chances of getting well-paying jobs in Vietnam, and they’re not alone. A survey conducted by employment site Jobstreet has found that Vietnamese university graduates have salary expectations that are out of sync with the local job market.

    About 35 percent of the 1,600 new graduates surveyed expected a monthly salary of VND4 million-5 million ($175 – $220), and over 21 percent wanted to be paid as much as VND6 million ($264), based on the survey. Vietnam’s average annual income was around $2,200 last year.

    However, the average monthly salary on offer for new starters currently stands at $175 per month.

    The survey also found that Vietnamese graduates aren’t the only ones out of whack with reality.

    For example, Hong Kong graduates expect average first-year salaries of $2,252-2,320, much higher than the average wage of $1,772 on offer.

    In Singapore, university graduates actually make an average of $1,966 per month, but their expectations range from $2,416 to $2,609.

    The Malaysia-based Jobstreet survey highlighted the fact that millennial students, those born in 1980 or later, asked for unrealistic salaries and benefits.

    Millennials are very likely the largest group in the current workforce. According to audit, tax and consulting services provider PWC, as many as 45 percent of the population comprises of millennials, and an estimated 60 percent of the world’s millennials are expected to live in Asia by 2020.

    A survey conducted revealed 69 percent of millennials said that money matters most in a job. That means pay is still the primary reason for companies to attract and retain their millennials and is also the deciding factor when changing jobs.

    This is not surprising given better standard of living for millennials, said Jobstreet.

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  • Vietnam’s high demand for IT professionals shoots up salaries

    Vietnam’s high demand for IT professionals shoots up salaries

    The country could become one of the next outsourcing hubs for software development, industry players said.

    Vietnam’s growing information technology (IT) is seen driving recruitment demand and boost salaries for tech jobs, a recent survey found.

    As many as 81 percent of IT companies said they planned an annual payroll rise of between 6 percent and 20 percent this year, professional recruitment firm VietnamWorks said in the survey conducted late last year with thousands of IT professionals, specialists and companies.

    The industry’s job demand is higher than ever, and the trend will continue over the next years, the survey said.

    The number of tech jobs has doubled over the last three years, VietnamWorks data showed, adding that Vietnam currently has around 250,000 engineers, but will need more than 400,000 by the end of 2018.

    Experienced software developers and managers continue to be in high demand, said the survey.

    Salaries have increased significantly in recent years and many companies have even offered generous bonuses to attract and retain employees.

    Up to 80 percent of the jobs that requires IT professionals with at least two years experience would pay a maximum $1,160 per month, said the survey.

    Vietnam first began offering software development services 15 years ago as global companies started to look outside India for a low-cost technology outsourcing opportunities.

    NeoIT estimated Vietnam’s IT labor costs are 40 percent less expensive than in China and India. A.T. Kearney’s Global Services Location Index and KPMG Advisory forecast Vietnam will be one of the next outsourcing hubs for software development.

    Local technology companies, however, are increasingly diversifying into other services, said the survey, adding this will drive recruitment for specialists in other fields such as business intelligence and information security.

    Currently, software engineers with at least two years of experience are still in highest demand, according to VietnamWorks.

    In terms of high tech development, Ho Chi Minh City is to Hanoi what Silicon Valley is to Seattle. But Hanoi tech scene is growing amid more intense competition in the southern hub.

    Ho Chi Minh City still remains the country’s IT hub with 53 percent of the country’s recruitment demand. Hanoi accounted for 43 percent and the central city of Da Nang took up 4 percent, according to the survey.

    Experts forecast a growing demand for specialist in cloud computing, big data, business intelligence and information security.

    The IT industry’s significant trends in 2017 will drive recruitments for professionals in big data, VietnamPlus cited Vinh Nguyen, an executive from PYCO Group, as saying.

    The survey revealed that 44 percent of the respondents said they would consider changing jobs with a better salary and benefits on offer.