SJM Resorts announces pay rise
The move will affect 99.5 per cent of SJM’s workforce from April 1.
Macau.- SJM Resorts has announced a wage increase for 99.5 per cent of its workforce, effective from April 1.
The company said employees with a monthly base salary of MOP16,000 (US$1987) or lower, who joined before January 1, will receive a fixed increment of MOP600. Those with a monthly salary exceeding MOP16,000 are to receive a 2.5 per cent raise.
This move is part of a broader trend in Macau’s gaming industry, with five out of the six local gaming operators to improve employee salaries. A survey by local recruitment agency MSS Recruitment indicates that Macau companies are contemplating a general salary increase of 2.98 per cent in 2024, slightly surpassing the 2.19 per cent pay rise recorded in 2023.
Operators have also confirmed year-end bonuses equivalent to one month’s gross salary. At SJM, 98 per cent of employees will benefit from the bonus, which will be paid on January 31.
See also: Wynn Macau announced a pay rise for its employees
In a press release, SJM Resorts stated: “United as one, SJM and its team members will continue to strive for high quality innovative developments, injecting new momentum and vitality into the Macau economy.”
S&P Global Ratings has predicted that Macau’s real gross domestic product (GDP) will rebound strongly by approximately 78 per cent in 2023, with another 10 per cent growth expected in 2024, following a contraction of 21 per cent in 2022.
This projection was based on the expected surge in visitors and normalization of gaming activities once the travel restrictions related to the pandemic were lifted, which should continue to support Macau’s economic recovery.
Macau’s GDP has a high correlation with the gross gaming revenue (GGR). For 2023 as a whole, Macau’s GGR was MOP183.06bn (US$22.75bn). That’s a rise of 333.8 per cent when compared to 2022.
