GGRAsia – Macau casino op SJM extends staff bonus plan to 2022

Macau casino op SJM extends staff bonus plan to 2022

Nov 28, 2019 Newsdesk Latest News, Macau, Top of the deck

Sociedade de Jogos de Macau SA, the Macau operations unit of Hong Kong-listed casino firm SJM Holdings Ltd, has confirmed to GGRAsia the extension for an additional three years – starting from 2020 – of its annual bonus scheme for eligible employees.

Employees of the company are to receive an annual bonus – referred to by the company as a yearly “living subsidy” – from July 1, 2020 to June 26, 2022, a spokesperson from the company said on Wednesday in an emailed reply.

According to the company, eligible employees are entitled to a bonus equivalent to either one-and-a-half months of annual salary or two months of salary, depending on the worker concerned.

Such payment is in two equal instalments, in January and July respectively. The person did not specify in the email what categories of employee were eligible for the award. SJM Holdings’ current flagship property in the Macau market is the Grand Lisboa casino hotel (pictured).

For most of Macau’s casino operators, so-called “winter” and “summer” bonuses – typically with some form of linkage to the sum payable in a normal monthly salary – have been discretionary awards for eligible non-management staff, dependent on company trading conditions.

SJM’s “living subsidy” award plan was launched in 2014, in what the company describes as a “guaranteed allowance” for its employees. In August 2014, SJM Holdings had pledged to retain its bonus scheme until at least the year 2020.