Published on January 4th, 2023 | by Sounder Rajen0
Hyundai Oilbank Announce 120 Months Bonus, What About Petronas?
Will Petronas give out bonuses or keep the money to install charging stations?
So with 2022 in our rear view, many companies will be calculating how much they can award their employees with bonuses and companies that did well can expect a huge payout. That is certainly the case for South Korean Oil and Gas Company, Hyundai Oilbank, which will award employees 120 months salary as a bonus.
So now the question is, if the Oil and Gas industry did so well, will Petronas also be giving its employees a major bonus or will the company be keeping its profits and using it to install charging stations across the country? If Petronas does award bonuses to its employees, how many months salary can they expect as a bonus?
Moreover, we all know that due to a number of different factors, 2022 was a very good year for the whole oil and gas industry since the global oil prices increased so much last year. This success is reflected in the 120 month salary bonus Hyundai Oilbank employees are about to receive. So how much success did Petronas attain?
According to the Korea Herald, Hyundai Oilbank saw a 226 percent increase in profits in the third quarter of 2022 alone. Meanwhile Petronas saw its net profits more than double in the first nine months of 2022. Petronas enjoyed a 120 percent increase in net profits and a 58.3 percent increase in revenue during the same period.
On top of that, 120 months salary is equal to 10 years worth of pay or roughly 1,000 percent annual salary. Can you imagine what you might be able to do if you have just received 10 years worth of pay? Well it is safe to say that if any Petronas employee manages to get 10 years pay they are taking at least a year long vacation for sure.
Additionally, at least three other major players in the oil and gas game, which are, SK Energy, S-Oil, and GS Caltex, will also be announcing bonuses for their employees soon as well. So with all these major companies, surely Petronas, one of the biggest companies in Malaysia will also be able to announce a huge bonus too right?
Well, I honestly doubt it. From a business standpoint, I’d say Petronas could do more by using that extra money to speed up the process of installing electric vehicle (EV) chargers across the country. After all, with many concerned that electrification will make petroleum obsolete, why not get a head start to the new trend?
Furthermore, if Petronas wants to remain at the top of their game in the long run, the company will need to adapt and as such, it would make sense if the company chooses to invest in the future rather than award employees but I do hope that Petronas still awards its employees with at least a small bonus.