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Tet bonuses at banks reflect grim economic picture

 VietNamNet Bridge – Amid economic difficulties, around 90% of banks may not make their targets for profits this year, which will also affect their Tet bonuses.   

VietNamNet Bridge – Amid economic difficulties, around 90% of banks may not make their targets for profits this year, which will also affect their Tet bonuses.   

Both salaries and Tet bonuses have long been on the radar of the public, as they often reflect the results of the year's operations.

When asked about their salary and Tet bonus plans for this year, several banking staff and leaders became upset.

Some said that they are just looking for payment for 13th month salary while others felt happy just not to receive deferred payment.

The leaders of some banks have said that salaries and Tet bonuses are relatively the same as in the previous years.

Several banks have already set policies saying that they would increase minimum wages in accordance with rising inflation. Bonuses will be equivalent to five months of minimum wages. However, they did not clarify whether this would happen even under difficult economic times.

Some other banks have different policies. They fix bonus fund at from 20%-30% of profits. If they surpass their profit target, the extra returns will be used for Tet bonuses.

Do Quang Hien, Chairman of the Saigon-Hanoi Bank Commercial Joint Stock Bank (SHB)’s board of directors said the bank would apply such fair payment and bonus policy for its staff after the merger with the Hanoi Building Commercial Joint Stock Bank (Habubank).

Want to change career

An anonymous leader of a bank said if he had a chance he would choose another job that provided him with more free time for his family. Working in the field of banking, he has hardly shared a diner with his family, he said.

Having the same view, a credit official was rather unhappy when talking about his Tet bonus plan for this year.

His view of the financial situation was so bleak that he said, "I'm happy to have my life, let alone Tet bonuses."

He added that in the context of a slow market there are several uncontrollable factors, including being held personally responsible, legally, for business dealings.



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