How often do you hear of people getting bonuses of 6 years?
Well, a bumper year for Singapore’s economy coupled with a record-breaking property boom gives us this story of unbelievable bonuses.
As reported in the Chinese daily (Zaobao) today, people in the property sector are getting fat bonuses of at least 4 months, with the average in the range of 6 to 14 months.
This is thanks to the high number of property transactions, en bloc sales, and record prices for good class bungalows, condominiums, apartments and even HDB flats.
And some are hitting the jackpot with bonuses of 70 months!
The luckiest fellows come from a 14-men property company called Credo. Inclusive of commissions and performance bonus, each of them is getting 50 to 70 months of bonus.
Granted, their basic pay may be lower than that of other sectors, but 70 months is still a big deal. Even if we assume that a junior employee is getting $2k a month in basic salary, he will be receiving a total of $164,000 for the year 2007!
2007 was indeed a bumper year for the property sector. But before you decide to switch into property, note that from 2001 to 2005, the local real estate was underperforming and some people in this sector were getting no bonus then. It’s not rosy all the time.
This is not a really fair comparison, because the pay for property agents includes a significant commission component.
Put it another way, if a salesperson was to have a basic salary of $1/month, but earns $1000 in commission, then his bonus would be 12000 months!