Auto firms ahead of state units in bonus payments
Ten giant companies announced their annual bonus payments to employees this year, led by companies in the automotive industries, state enterprises and agricultural businesses.
President of Personnel Management Association of Thailand (PMAT) Borwornnant Thongkallaya said that a survey of entrepreneurs in various industries found that although Thai economic growth had fallen below target, companies would still raise employees' salaries by 5.07 per cent in 2020, while the average bonus payment for 2019 was set at four times the last monthly salary.
Airports of Thailand (AOT) will pay a year-end bonus 7.25 times the monthly salary, a slight drop from 7.75 times last year. The company managed to generate over Bt62 billion in revenue in the last three quarters of 2019, up Bt2 billion year on year.
Furthermore, AOT is expected to pay bonus again next year, given the likelihood of an increase in revenue from Phase 2 and 3 of the airport's expansion project and duty free shop concessions at four airports (Suvarnabhumi, Chiang Mai, Phuket, Hat Yai). It will also take control of four additional airports (Udon Thani, Buri Ram, Chumphon, Tak) from the Department of Airports.
The Expressway Authority of Thailand (EXAT) will pay a bonus equivalent to 5 times the monthly salary, the same as last year's. The company has generated up to Bt18 billion in revenue as car usage rises.
The Government Housing Bank (GH Bank) and the Government Savings Bank (GSB) will both pay 7 times the salary. The two banks have implemented a series of financial measures this year.
In automotive industry, Honda Automobile (Thailand) will pay the highest bonus of 8.45 times the salary plus a handout of Bt40,000 to each employee.
AutoAlliance (Thailand) or AAT, a joint venture company between Ford Motor Company and Mazda Motor Corporation, will pay bonus at 8.05 times the salary with a special handout of Bt22,000 to each worker.
Toyota Motor Thailand will pay bonus 8 times the salary and a handout of Bt24,000, a rise of 0.5 times in salary and Bt4,000 in extra money.
Mitsubishi Electric Thai Auto-Parts will reduce this year's bonus to 7.5 times the salary from 8.5 times last year, with a special handout of Bt7,000.
In agriculture, Thai Hua Rubber will pay bonus 2.5 times the salary, thanks to higher demand from the world market and relief measures launched by the government.
Charoen Pokphand Foods (CPF), a large company involved in food business in Thailand and abroad, will pay a bonus equivalent to 2 times of an employee's last monthly salary.