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Addressing an outdated job vacancy post circulating online that quoted wages from 2020, Yong said that these figures do not reflect the current pay structure.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