Previously, we shared how 99 Speedmart was recently listed on the Bursa Malaysia stock market and raised a whopping RM2.36 billion; the largest IPO in 7 years!
This essentially makes the mini-market empire’s founder and CEO Lee Thiam Wah one of the richest individuals in Malaysia with an approximate net worth of RM12.1 billion.
99 Speedmart urged to improve the welfare and pay of its workers
For illustration purposes
However, reception to 99 Speedmart going public and increasing the net worth of its founder wasn’t all positive, as some Malaysians questioned the popular mini-market chain’s alleged low salaries and lack of welfare for its workers nationwide.
Taking to X (formerly Twitter), @moscawalter sarcastically asked whether the IPO would increase the minimum salary of 99 Speedmarket’s workers and provide benefits such as up to 2 days off a week, annual dinners, company trips, bonuses, work union, and so on.
As of the time of writing, the post has gone viral with over 2.4 million views and more than 15,000 likes.
@moscawalter asserted,
“So how much minimum wage is he paying the workers? RM3,000? RM4,000? Working 5 days a week? 6 days? Have annual dinners? Bonuses? Company trips? Work union?
“What’s the point of being a billionaire if you can’t give these to your workers.”
Malaysians share their 2 cents on the matter
In the replies, Malaysians share their take on the matter, with many 99 Speedmart workers also sharing their alleged lack of welfare and low pay.
One commenter said that there are no billionaire-owned companies in the world that properly take care of their workers’ rights and gave Elon Musk and Jeff Bezos as examples.
Meanwhile, another commenter listed a screenshot of 99 Speedmart vacancy listings with subpar remuneration packages, though some of the listings were before the introduction of the RM1,500 minimum wage in Malaysia.
Besides that, a Malaysian claiming to work at 99 Speedmart revealed that the company gives its workers more disadvantages than benefits.
He further alleged that for branch or assistant branch managers at the company, the salary is under RM2,800 with no 2 rest days a week. This excludes overtime pay being cut and having to pay for any product losses.
Another 99 Speedmart worker echoed the same sentiment, saying that working there is really laborious but the pay is little.
So, what do you guys think of the whole situation? Share your thoughts with us in the comments!
Also read: 99 Speedmart CEO Lee Thiam Wah Becomes Billionaire as His Mini Market Empire Goes Public Today
