99 Speedmart was recently listed on the Bursa Malaysia stock market and raised an impressive RM2.36 billion, marking the largest IPO in 7 years. After the founder reached his billionaire status, Malaysians have been calling on the company to improve its workers’ salaries.
Following the incidents, 99 Speedmart has finally broken its silence and responded to the viral discussions about wage fairness and employee satisfaction.
Their pay rates meet the requirements
According to Berita Harian, 99 Speedmart Retail Holdings Bhd is standing by its pay structure, saying the wages they offer are considered “fair.”
The company also pointed out that their pay rates meet the requirements of the Employment Act (Amendment) 2022.
Chief Operating Officer Yong Eng Kwang explained that the mini-mart sector comes with its own set of challenges. Due to that, comparisons with other industries should take these differences into account.
“According to the Employment Act (Amendment) 2022, the national minimum wage is RM1,500 a month. 99 Speedmart not only meets this requirement but actually pays more,” he added.
The company offers a benefits package too
Branch managers at 99 Speedmart reportedly make an average of RM2,387 a month. Eng Kwang mentioned that besides the base salary, the company has a solid benefits package.
This package includes annual salary hikes, year-end bonuses, access to panel clinics with claimable medical visits, career growth and training opportunities, free SIM cards with 40GB data and unlimited calls, plus free food vouchers.
As for working hours, he noted that 99 Speedmart stores are open from 10 AM to 10 PM, and overtime pay is available.
“Staff who work overtime get paid for it, and it’s agreed upon by both sides.”
“We’re dedicated to supporting their well-being”
Responding to the online job postings from 2020, Eng Kwang clarified that those numbers are outdated and do not represent the current salary structure.
He shared that some branch managers who have been with the company for a long time are now earning over RM4,000 a month, reflecting 99 Speedmart’s commitment to fair compensation for their dedication.
“Right now, for example, some of our veteran branch managers are making more than RM4,000 a month, which we believe is a fair reward for their hard work. We also recognise the financial challenges many people face, so we strive to keep our prices low to ensure that essential goods remain affordable for everyone.”
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