The move will affect 99.5 per cent of SJM’s workforce from April 1.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0SJM Resorts\u00a0has announced a wage increase for 99.5 per cent of its workforce, effective from April 1.\u00a0<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
This move is part of a broader trend in Macau’s gaming industry, with\u00a0five out of the six local gaming operators to improve employee salaries.\u00a0A 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.\u00a0<\/p>\n\n\n\n
Operators have also confirmed year-end bonuses<\/a>\u00a0equivalent to one month’s gross salary. At SJM,\u00a098 per cent of employees will benefit from the bonus, which will be paid on January 31.\u00a0<\/p>\n\n\n\n See also: <\/strong>Wynn Macau announced a pay rise for its employees<\/a><\/p>\n\n\n\n In a press release, SJM Resorts stated: \u201cUnited 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.\u201d<\/p>\n\n\n\n S&P Global Ratings\u00a0has predicted that\u00a0Macau\u2019s 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.\u00a0<\/p>\n\n\n\n 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\u2019s economic recovery.<\/p>\n\n\n\n Macau\u2019s GDP has a high correlation with the gross gaming revenue (GGR). For 2023 as a whole, Macau\u2019s GGR<\/a> was MOP183.06bn (US$22.75bn). That\u2019s a rise of 333.8 per cent when compared to 2022.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The move will affect 99.5 per cent of SJM’s workforce from April 1.<\/p>\n","protected":false},"author":176,"featured_media":17520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SJM Resorts is implementing a wage increase for 99.5% of its workforce and year-end bonuses, aligning with a broader trend among Macau's gaming operators. This move coincides with S&P Global Ratings' strong GDP and GGR growth projections for Macau, indicating a robust economic recovery post-pandemic.","focusai_entities":"SJM Resorts, MSS Recruitment, Wynn Macau, S&P Global Ratings","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"OpEx Impact SJM?","query":"What is the projected impact of these industry-wide wage adjustments on SJM Resorts' operational expenditure and EBITDA margins for FY2024, considering the broader Macau GGR recovery?"},{"label":"Talent Competition Macau?","query":"How do these compensation increases influence the competitive landscape for talent acquisition and retention among Macau's six gaming concessionaires, particularly for skilled roles?"}],"footnotes":""},"categories":[157,16338],"tags":[23108],"class_list":["post-777012669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777012669"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012669\/revisions"}],"predecessor-version":[{"id":777012702,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012669\/revisions\/777012702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17520"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777012669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777012669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777012669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}