Contrary to expectations, the year 2014 has turned out to be a very challenging year and perhaps more importantly, the prognosis for this year is even worse. We now need to fight our way out of these troubled times. I am however confident that with the collective dedication, hard work and best efforts from all of you, we shall weather all storms and climb great heights together. To do this, we must all focus our energies on reducing costs wherever possible, recovering outstanding amounts as quickly as possible and, in general, being so proactive as to nip any problem in the bud.
As far as the Bonus is concerned, our philosophy of linking staff bonus with the Company’s annual profitability, to achieve convergence in the Company’s objectives and that of our people, still holds good. As such, given the loss we have incurred during 2014, no bonus would be ordinarily payable but Senior Management and the Board of Directors feel that there should be some payment as a token of appreciation for the hard work and efforts put in by our people. Accordingly, we have decided on a Bonus of 1 month’s salary for the year 2014 for all our staff members, subject always to satisfactory performance by each individual.
The following rules shall continue to apply to your Bonus as usual:
1. Subject to satisfactory performance up to respective payment dates, the above Bonus shall be paid within March 2015.
3. In keeping with our normal policy, only those employees who remain in employment with the Company on the Bonus payment date shall be entitled, subject to satisfactory performance, to receive the Bonus.
4. The usual policy governing bonus payment to new employees who have joined during the year 2014 shall also be applicable.
5. Further, please be informed that we shall also be paying the 2nd installment of Bonus 2013 (1 month’s salary) in addition to the Bonus 2014 (1 month’s salary) as above. The amount of Bonus installment for each year would of course be based on respective salaries of that particular year. We plan to make the payment along with the salary of February.
I take this opportunity to thank each one of you for all your hard work and efforts and look forward to your continued dedication and support in the future.
Regards,
Khalid Hashim