HSBC bonus cut sparks union anger

Union leaders protested yesterday against HSBC's decision to scrap the annual month's bonus for its 13,500 staff.

The action, outside the Kowloon headquarters in Nathan Road, Mongkok, came after the bank confirmed the year-end double pay packet would be replaced by a performance-linked bonus from 2001.

An HSBC spokeswoman said the '13th-month bonus' had been paid at the discretion of the board. It was never stated in employees' contracts.

The new scheme would allow staff who worked harder to enjoy a larger bonus, she said.

The amount would depend on appraisals and whether performance targets were met.

The Hong Kong & Kowloon Trades Union Council, which organised the protest, said the decision was 'unfriendly'.