China Economy

Fewer bonuses given to China’s white-collar workers, survey suggests, as slowing economy begins to bite

PUBLISHED : Tuesday, 26 January, 2016, 3:21pm
UPDATED : Tuesday, 26 January, 2016, 3:34pm

The slowdown in the Chinese economy has spread its tentacles to China’s white-collar workers who have received fewer year-end bonuses, according to a survey carried out by a recruitment company.

The study by Zhaopin, a Beijing-based recruitment website, said 66 per cent of the 10,615 white-collar workers polled had not received, or expected, a year-end bonus.

That compares with the 61.2 per cent who gave the same answer when polled the previous year.

About 14 per cent of the people surveyed did get a bonus for 2015.

The average paid out was over 10,000 yuan (HK$12,000), nearly 3,000 yuan down from 2014, the survey showed. Workers were polled in 32 cities across China.

The survey suggested the longer a member of staff had stayed at a company the higher their bonus.

Staff who have worked for a company over 10 years received more than 18,000 yuan on average.

Nearly 26 per cent polled quoted the slowing economy as a factor affecting their bonuses.

More than 21 per cent said lowered profit margins had limited payouts.

Just under 26 per cent of respondents also said their ability to get a bonus had been affected because they were new to their jobs.

Levels of satisfaction in bonuses were highest among people working for foreign-owned enterprises and lowest at private companies, the survey suggested.

State-owned enterprises in China were the most generous in handing out bonuses. The average was over 17,000 yuan.

READ MORE: Hong Kong firms should look at performance-based bonuses

People working in the financial sector were most content with their bonuses, about 17,000 yuan on average.

Over 93 per cent of year-end bonuses were in cash, but some had more unusual forms of remuneration. These included 5kg of pork and a book on how to become a millionaire.