Workers in China’s hi-tech industries will see the biggest increase in bonuses across sectors for 2018, defying a slowdown in economic growth, according to a survey released by state-owned human resources consultancy China International Intellectech on Wednesday.
The average bonus for employees of companies in industries such as artificial intelligence, biotechnology and new energy will rise by 12 per cent from 2017 to 29,836 yuan (US$4,353), according to the survey.
The survey added: “Certain companies in the manufacturing, automobile, internet, finance and property industries had a shrinking bonus size.” It did not specify the amount. The poll, conducted in November 2018, covers 425 companies based in China’s tier 1 cities – Beijing, Shanghai, Guangzhou and Shenzhen – and 249 firms in its tier 2 and 3 cities.
Only 46 per cent of the surveyed companies said they expected bonuses to expand, down from 57 per cent in 2017. As much as 7 per cent said they would not hand out any bonuses this year, up by 3 per cent, because they had cut costs amid a gloomy economic outlook, or because they had not met revenue targets, according to the survey.
A majority of the companies surveyed – 72 per cent – said they expected bonuses to remain unchanged from 2017, or rise within 10 per cent. The bonuses accounted for 15 per cent of workers’ annual salary on average, according to the survey.