Macau casino operator Galaxy Entertainment Group Ltd. on Monday announced pay bonuses and stock awards to encourage employees below the senior manager level to stay at the company through the end of 2017.
The announcement came shortly after reports emerged that local trade union “the leader of the Macau game” was planning a protest outside the company’s flagship Kotai property, Galaxy Macau (pictured), on Tuesday. The union will not cancel the protest, which will take place tomorrow afternoon, a representative of the union told GGRAsia.
Workers are asking companies listed in Hong Kong to raise salaries, introduce changes to their pay policies and offer employees more annual leave days and better job prospects.
Later Monday, the company said the announcement of new pay increases and stock awards coincided with the 10th anniversary of its operations in Macau and will take effect on Aug. 1.
Under the new agreement, in August 2014, all full-time team members below senior manager level will be awarded company shares equal to three times their salary, referred to as “special stock awards.” Cash bonuses equivalent to one month’s salary will be issued as “special bonus awards” in July 2015 and July 2016.
The stock award will be activated or “invested” from December 31, 2017.
“If you leave the company on or before the full day, all shares will be extinguished,” Eileen Lui, the group’s head of human resources and administration, said in an internal memo.
This document indicates that the stock value will be based on the price as of August 1, 2014, the award date.
The note adds the pay component of the offer: “If you leave your employment or receive a separation notice on or before the payment date, your bonus will be forfeited.”
In addition, new team members who join after August 1, 2014 will receive a special bonus award and a special stock award proportionally.
Those who are employed through flexible working, part-time, temporary, entertainers, contractors, consultants or special project developments, or work for hotel brands JW Marriott Macao and Ritz-Carlton Macao will not be eligible. The project is expected to launch early next year, worth about $2.9 billion.
“For months, Galaxy Entertainment has been working to implement pay alignment and special compensation programs to sincerely thank all team members for their valuable contributions,” the company added.
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