Eligible Sheng Siong staff will receive total bonuses of up to 16 months, inclusive of the annual wage supplement (AWS) for last year, with the supermarket operator having raised the variable bonus to 20 per cent of the company's profits before tax, Today reported.
In an internal staff memo sent out last week, the company said the bumper bonus was to recognise that it had "performed extremely well as compared to previous years" in 2020, on the back of elevated demand for its offerings due to the Covid-19 pandemic.
Total bonuses for staff ranged from 4.68 months for eligible part-time staff (inclusive of AWS) to 15.72 months for those ranked as assistant managers and above.
A portion of the bonus payout was given out last year, with the balance to be paid in March this year.
Sheng Siong has yet to report its 2020 full-year results.
For its nine months ended Sept 30 last year, its net profit jumped 83.3 per cent to $107 million from a year ago; its revenue was up 44.6 per cent to $1.07 billion.
In the first half of last year, consumers - their movements restricted by the circuit breaker that was in place to contain the spread of Covid-19 - stocked up their pantries and began working from home and doing more cooking as a result.
In the third quarter, demand was still strong, even with the circuit breaker lifted, as consumers were still cautious and work-from-home arrangements continued to be encouraged, said Sheng Siong.
Sheng Siong's shares closed at $1.59 at the end of trading yesterday, down six cents or 3.64 per cent.
THE BUSINESS TIMES