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