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Tue, Jan 26, 2021 – 9:16 PM
Sheng Siong ELIGIBLE staff will receive total bonuses for up to 16 months, including the annual salary supplement (AWS) for 2020, and the supermarket operator increased the variable bonus to 20 percent of the company’s earnings before tax, Today reported .
In an internal staff memo sent last week, the company said the added bonus was acknowledging that the company had “performed extremely well compared to previous years” in 2020, due to high demand for its offerings due to Covid. . -19 pandemic.
Total bonuses for staff ranged from 4.68 months for eligible part-time staff (including AWS) to 15.72 months for those classified as assistant managers and above.
A portion of the bonus payment was delivered last year, with the balance due in March 2021.
Sheng Siong has yet to report the full-year 2020 results.
For the nine months ended September 30, 2020, its net profit increased 83.3 percent to S $ 107 million from the previous year; its revenue increased 44.6 percent to S $ 1.07 billion.
In the first half of 2020, consumers, whose movements were restricted by the circuit breaker that was in place to contain the spread of Covid-19, stocked their pantries and began working from home and cooking more as a result. In the third quarter, demand remained strong, even with the circuit breaker removed, as consumers remained cautious and work-from-home arrangements continued to be encouraged, Sheng Siong said.
Shares of Sheng Siong closed at 1.59 Singapore dollars at the end of trading on Tuesday, 6 Singapore cents or 3.64 percent.
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