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SJM Holdings Ltd., the Macau division, Sociedade de Jogos de Macao SA (SJM) announced that it plans to pay qualified employees what it calls a "living grant." The subsidy is equivalent to two and a half months of employee pay. The amount will be provided in two equal payments. One will be sent this month on January 6 and the other in July.
Board Chairman Daisy Ho Chiu Feng said in a statement on the grant that the company thanks its employees for their hard work and commitment to their work during the COVID-19 pandemic.
It is unclear why you can receive a living subsidy depending on your employment. I understand that those who are paid less than $20,000 ($2,505) in MOP will be given a bonus equivalent to two months' salary. GGRAsia looked at the memo containing this.
Employees who are paid more than MOP2 million ($2,505) are paid one-and-a-half months' pay less MOP4 million, more. Employees who have worked at SJM Holdings for less than a year may receive a bonus, but this is paid in proportion.
SJM began providing a living subsidy scheme to its employees in 2014. It was considered a guaranteed allowance for employees. In the past, the company planned to provide subsidies through the . The company announced that it will extend the system for three years.
SJM's announcement comes at a time when casinos in Macau are slowly recovering. After the November figures were released, the city recorded its 14th consecutive month of year-on-year declines. November was the second-highest month since January, while it fell year-on-year. This shows that Macau is slowly on the road to recovery.
In October, the recovery began when local governments decided to start issuing individual visitor visas as well as group travel visas, and traffic began to increase once again as Macau visitors were allowed to enter.
Sunday, September 24, 2023