99 Speed Mart defends compensation structure, some managers earn over RM4k
KUALA LUMPUR: Recently-listed 99 Speed Mart Retail Holdings Bhd has defended its compensation structure, saying the wages offered to its employees are 'fair'.
The wages are also in full compliance with the Employment (Amendment) Act 2022, added Speed Mart, which operates Malaysia's largest mini-market chain under 99 Speedmart brand.
Its chief operating officer Yong Eng Kwang said Speed Mart operates in the minimarket sector, which faces unique challenges and conditions.
Therefore, Yong said comparisons with other industries should consider these differences.
"Under the Employment (Amendment) Act 2022, the national minimum wage is set at RM1,500 per month.
"This assured that 99 Speedmart not only meets this legal requirement, but in fact, we pay more than that," he said in a statement.
Yong was responding to viralled conversations about wage fairness and employee satisfaction within the company after its founder reached billionaire status and is among the richest in Malaysia following its listing.
It was claimed that 99 Speed Mart branch managers, particularly, earn an average RM2,387 a month.
Yong said in addition to basic wage, the company offers a comprehensive benefits package.
This includes annual salary increments, year-end bonuses, access to panel clinics with claimable medical visits, career growth and training opportunities, a free SIM card with 40GB of data and unlimited calls, and free food vouchers.
Regarding working hours, Yong clarified that 99 Speedmart stores operate from 10am to 10pm, with overtime compensation provided.
"Staff requested to work extra hours are paid overtime and it is done by agreement between both parties," he said.
Addressing an outdated job vacancy post circulating online that quoted wages from 2020, Yong said that these figures do not reflect the current pay structure.
He said that some long-serving branch managers now earn over RM4,000 per month, highlighting the company's commitment to fair compensation for employees' dedication and hard work.
"Today, for example, some of our long-serving branch managers earn over RM4,000 a month, which we believe is fair compensation for their dedication and hard work.
"Our employees are the backbone of 99 Speedmart, and we are committed to their well-being.
"We also understand the financial pressures many people are under these days, which is why we work tirelessly to keep our prices low, ensuring that essential goods remain affordable for everyone," he added.
https://www.nst.com.my/news/nation/2024/09/1104986/99-speed-mart-defends-compensation-structure-some-managers-earn-over
The wages are also in full compliance with the Employment (Amendment) Act 2022, added Speed Mart, which operates Malaysia's largest mini-market chain under 99 Speedmart brand.
Its chief operating officer Yong Eng Kwang said Speed Mart operates in the minimarket sector, which faces unique challenges and conditions.
Therefore, Yong said comparisons with other industries should consider these differences.
"Under the Employment (Amendment) Act 2022, the national minimum wage is set at RM1,500 per month.
"This assured that 99 Speedmart not only meets this legal requirement, but in fact, we pay more than that," he said in a statement.
Yong was responding to viralled conversations about wage fairness and employee satisfaction within the company after its founder reached billionaire status and is among the richest in Malaysia following its listing.
It was claimed that 99 Speed Mart branch managers, particularly, earn an average RM2,387 a month.
Yong said in addition to basic wage, the company offers a comprehensive benefits package.
This includes annual salary increments, year-end bonuses, access to panel clinics with claimable medical visits, career growth and training opportunities, a free SIM card with 40GB of data and unlimited calls, and free food vouchers.
Regarding working hours, Yong clarified that 99 Speedmart stores operate from 10am to 10pm, with overtime compensation provided.
"Staff requested to work extra hours are paid overtime and it is done by agreement between both parties," he said.
Addressing an outdated job vacancy post circulating online that quoted wages from 2020, Yong said that these figures do not reflect the current pay structure.
He said that some long-serving branch managers now earn over RM4,000 per month, highlighting the company's commitment to fair compensation for employees' dedication and hard work.
"Today, for example, some of our long-serving branch managers earn over RM4,000 a month, which we believe is fair compensation for their dedication and hard work.
"Our employees are the backbone of 99 Speedmart, and we are committed to their well-being.
"We also understand the financial pressures many people are under these days, which is why we work tirelessly to keep our prices low, ensuring that essential goods remain affordable for everyone," he added.
https://www.nst.com.my/news/nation/2024/09/1104986/99-speed-mart-defends-compensation-structure-some-managers-earn-over
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
momobie : being branchh manager hold heavy responsibility and serve over yrs only rm4000 is kind of low, while the top management earn big money than others. I don't think it is fair.
Steve Jay momobie : To be honest, it's quite low. I wonder if there are different salary standards in different regions? Maybe it's even lower in smaller places? If workers think it's too low and not worth it, they can find better opportunities instead of making things difficult for others, right?
yingyue : also based on outlet sales. some outlet with high sales get higher commissions than lower sales. lower region usually get gross pay 3k and above.
103852302 : Outside of KL/ Selangor
Branch manager :2600
Assistant Branch manager : 2300
Supervisor : 1700
Daily need to go bank twice no matter how far
Monthly meeting at a certain place 3hrs away
No petrol/travelling allowances to cover those
Meal voucher?! puiii burger king voucher and if your place no burger king then how?
If your outlet get robbed or someone stole items, managers need to bear the cost.