Posted: 05 Dec 2008 01:54 AM CST
The end of 2008 is coming and it’s the time where Christmas is just around the corner. Year-end bonuses in the form of the end of year annual wage supplement or 13th month bonus as well as variable bonuses are paid.
Some Bonus is Better than No Bonus
The straw poll conducted showed that despite the gloomy economy painted by the media, your organisations are still paying some form of year end payment (on top of your monthly salaries). That is certainly positive news as more money beats less money in the bank.
The poll on the right shows that majority (65%) will get one to two month’s bonus which is not bad. 20% have indicated they will get zero while 15% will get less than one month’s bonus.
No-one appears to have been given a bonus more than 2-3 months. That could be indicative of the tough times ahead for the Singapore economy since it relies on the global economy.
What will you be doing with your year end bonuses?
Will you be practicing the save 10% spend 90% approach or the save 90% and spend 10% approach.
Or will you be like Scrooge in Charles Dickens’ “The Christmas Carol” before he learnt about the true spirit of Christmas and save it all?
Share with Panzer your bonus spending or saving plans.
As for me, I’ll be practicing the 10-90 rule, i.e. spend 10% but save up 90%.
Be well and prosper.