Average bonuses fall to 11-year low
Average year-end bonuses are expected to fall to their lowest level in 11 years - that, according to a survey by the 111 online job bank.
The job bank says the decline comes as coronavirus concerns have negatively affected private consumption, despite robust economic growth this year on the back of strong exports.
The survey shows that companies are expected to give an average employee year-end bonus equivalent to 1.13 months of salary ahead of the upcoming Lunar New Year holiday.
That figure is lower than the expected 1.18 months of salary for year-end bonuses in 2020, when the island's GDP growth grew by 3.36%, lower than the forecast of 6.09% for 2021.
A job bank spokesperson says domestic demand was hampered by the domestic coronavirus outbreak in mid-May, especially in service sector industries.
The emergence of the Omicron variant has also resulted in many companies being cautious about their business outlook, which has also affected their willingness to pay year-end bonuses.