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MTR announces frontline salary freeze this year for the first time since 2003

2020-07-09T14:19:00.905Z


Under the influence of the New Coronary Pneumonia epidemic, it was reported earlier that the MTR will freeze wages this year. The MTR also issued a profit warning yesterday (7th) and is expected to record a loss of 400 million yuan in the first half of the year. MTR announced the salary adjustment plan to employees today (8th), saying that considering the market environment and the company's business prospects, it decided to freeze all non-management employees. However, MTR also stated that the past 12 months have been difficult and challenging for MTR. To thank employees for their perseverance and hard work during public events and epidemics, the Board of Directors exercised its special discretion and paid an additional equivalent of 0.3 basic monthly salary Special bonus for qualified employees with a work performance score of "3" or above; in addition to rewarding colleagues for their contribution to the company's performance, employees with a score of "3" or above will also be given a discretionary equivalent to 1.1 basic monthly salary Special bonuses, in other words, the relevant employees receive at least a special bonus of 1.4 months.


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Written by: Huang Weilun

2020-07-08 14:50

Last update date: 2020-07-08 15:00

Under the influence of the New Coronary Pneumonia epidemic, it was reported earlier that the MTR will freeze wages this year. The MTR also issued a profit warning yesterday (7th) and is expected to record a loss of 400 million yuan in the first half of the year. MTR announced the salary adjustment plan to employees today (8th), saying that considering the market environment and the company's business prospects, it decided to freeze all non-management employees.

However, MTR also stated that the past 12 months have been difficult and challenging for MTR. To thank employees for their perseverance and hard work during public events and epidemics, the Board of Directors exercised its special discretion and paid an additional equivalent of 0.3 basic monthly salary Special bonus for qualified employees with a work performance score of "3" or above; in addition to rewarding colleagues for their contribution to the company's performance, employees with a score of "3" or above will also be given a discretionary equivalent to 1.1 basic monthly salary Special bonuses, in other words, the relevant employees receive at least a special bonus of 1.4 months.

The Chairman of the Hong Kong Railway Union Federation, Lin Weiqiang, previously submitted a petition letter to MTR representatives to urge MTR to not freeze his salary this year. (Information picture / courtesy of the Hong Kong Railway Union Federation)

MTR made a profit of 11.93 billion yuan last year, and non-management employees' salary increases ranged from 2.1% to 6.3%. But this year, MTR announced yesterday that it expects to record a loss of 400 million yuan in the first half of the year (median of the estimated loss of 200 to 700 million yuan), compared with a net profit of 5.5 billion yuan in the same period last year. MTR explained at the time that the loss was mainly due to the new coronavirus pandemic and the deterioration of the overall economic environment, which had a major adverse impact on the Group’s recurring business, and the estimated loss of the investment property portfolio revaluation for the six months ended the end of June was about 6 billion yuan. However, MTR also pointed out that after considering the overall railway and property business, the Board of Directors believes that the overall financial position of the Group remains stable.

[MTR Profit Warning] MTR materials lost 400 million yuan in the first half of the year and made 5.5 billion yuan in the same period last year

MTR's low-key resumption of the East Rail Line's new signal system trial run, new and old trains, mixed running delayed

Railway union petitions to urge MTR not to freeze wage union: management must face employee hard work

MTR

Source: hk1

All news articles on 2020-07-09

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