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How big will be Tet bonuses?
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VietNamNet Bridge – It is expected that the Tet bonuses to be offered by foreign invested enterprises to their staff will be half as much or double that of the previous year. The finance and banking, telecom, oil and gas and other service sectors are also expecting relatively high bonuses.

Tet will only come in more than one month, but many enterprises have already prepared Tet bonuses for their staff. The bonuses have been decided based on the business performance of enterprises and individual performance.

Nguyen Tuan Quynh, Chair of SFC, a fuel company, said that the company had a prosperous year 2010, therefore, the Tet bonuses will be bigger than that of the previous year. All the employees will get the 13th month salary and two-month salaries for Tet.

The Tet bonus levels have decided based on the business result in 2010. The highest Tet bonus level would be 55 million dong. “This year’s Tet bonuses seem to be higher than in the previous year because SFC has a prosperous year n 2010,” Quynh explained.

He said that in previous years, the company only released information about Tet bonuses just before Tet. However, the company wants to declare the Tet bonuses soon to encourage its staff. Once anticipating the Tet bonuses, the employees can set up their Tet purchase plan.

Garment and footwear companies have promised to offer bigger Tet bonuses this year Every worker will get the bonus equal to one-month salary at least. This was confirmed by Pham Xuan Hong, Deputy Chair of the Vietnam Textile and Apparel Association, and General Director of Saigon 3 Company

Hong said every worker will get one-month salary at minimum and 2.5-month salary at maximum. However, he added that Tet bonus increases will not be high enough to cover the price increases.

Garment companies have experienced a prosperous year. Enterprises get a lot of orders in the post-global crisis period. many enterprises have enough work to do until the end of the second quarter of 2011. However, they say they do not hope to see their profit increase sharply in the next year, because the input material prices have been increasing sharply

Duc Thanh Wooden Furniture Corporation has not made official declarations about the Tet bonuses, but the company’s General Director Le Hai Lieu said his 1000 workers will get bigger Tet bonuses this year. Every worker will get the 13th month salary. Besides, they will also get other bonuses based on their contribution to the company.

General Director of Hung Vuong Joint Stock Company also said that Hung Vuong makes a large profit this year, estimated at 500 billion dong, because the company benefits from the exchange rate fluctuations. Therefore, the Tet bonuses will certainly “satisfy the staff”

Nevertheless, many other companies are not really satisfied with their business results in 2010. Phan Dinh Son, Director of Bao An Company said that the turnover growth rate is below the expectation. Therefore, the Tet bonuses for Bao An’s staff will not be higher than the previous year. According to Son, the highest Tet bonus level would be about 30 million dong.

To date, the Ministry of Labour, War Invalids and Social Affairs has not received all the reports from local departments about the Tet bonuses.

Mai Xuan Tri, Deputy Director of the Khanh Hoa province’s Department of Labour, War Invalids and Social Affairs, the Tet bonuses of the enterprises in the province will be lower than the previous Tet. The highest expected Tet bonus level is 71 million dong, while the lowest 30,000 dong.


C. V