Non-banking financial sector to pay highest bonuses in 2019: survey
Non-banking financial companies are expected to pay the highest bonuses this year, an average of 30.4 percent of base salary.
The 2019 Total Remuneration Survey released last Saturday by jobs company Talentnet and its global partner Mercer found that insurance firms are likely to pay the second highest rate of 22.9 percent, followed by agriculture (19.4 percent).
The logistics, retail and education sectors are expected to pay the lowest bonuses of 13.8 percent, 14.8 percent and 15.4 percent respectively, showed the survey which polled 605 multinational corporations and local conglomerates in 16 industries, including technology, consumer goods, chemicals, and life sciences.
Vietnamese companies will pay higher bonuses (22.6 percent) than multinationals (17.5 percent) this year as they continue to compete with multinational companies in attracting talent. Last year they paid 22.3 percent and 16.9 percent.
This year local businesses increased average salary by 8.9 percent compared to 8.5 percent by multinational companies.
The tech sector saw the highest salary growth of 10.2 percent, followed by chemicals 9 percent and trading 8.6 percent.
Oil and mining, education and the finance sector had the lowest salary hikes of 4.5 percent, 6.6 percent and 6.9 percent respectively.
However, local companies paid 29 percent lower salaries than multinationals, with the differences being 14 percent at the staff level, 25 percent at the experts level and 33 percent at the management level.