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Published on December 10, 2007

Bangkok Bank  staff are demanding that an extra bonus agreed to by the management be paid together with their regular bonus at the end of the year, instead of in January as announced.

BBL's labour union cited the current high cost of living caused by the spike in oil prices for the demand for earlier payment.

"With the higher living cost caused by the oil-price hike, the labour union asked for a special bonus of one month this year," said labour union chairman Chaisit Suksomboon.

He said the management had already approved the special bonus and agreed to pay it in January.

However, the union requested that the extra bonus be paid along with the normal bonus.

The country's biggest bank by assets, Bangkok Bank normally pays an annual bonus of two months' salary, paid in two parts - in the middle of the year and at the year's end.

Bank staff received a one-month bonus in June.

At Bank of Ayudhya, employee bonuses this year will be at the same rate as in recent years, said Yaowalak Poolthong, head of corporate communications and the bank's investor relations group.

The bonus rate depends on the bank's business performance and each staff member's key performance indicator.

"Right now, the bank has partly prepared the budget for bonus payment; the exact amount will be announced this week. Besides, the bank will raise salaries by 6 per cent on average next year," she said.

Traditionally, Bank of Ayudhya pays its annual bonus on Christmas Day. The average bonus payment last year was two months' salary.

The average bonus payment at Siam Commercial Bank is expected to be two months as well - the bank's standard rate.

Siam Commercial usually pays out bonuses twice a year, with the second one this year to be paid on December 25. Last year the bank paid an extra one-month bonus besides its regular two-month bonus to celebrate its 100th anniversary.

Kasikornbank usually bases its bonus payments on KPI practices and on the bank's return on assets (ROA). The Kingdom's fourth biggest bank has forecast that its ROA this year would be about 1.62 per cent.

Kasikornbank's staff are paid their annual bonuses in February.

Somruedi Banchongduang

The Nation