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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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 Posted:
Jan 30, 2008 - 12:04 PM |
 
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| chicane wrote: |
now that we're on the subject of bonus before the new year, what abt Hong baos? I am giving my guys 1 mth bonus due this week - and was wondering what abt hong baos? What is the minimum sum? And is the Hong bao the equivalent to jiang jing - which i think it means 'performance bonus'...? and since i will be giving them a mths' bonus, does this means the hongbao is not needed....?? I am sooo confused....  Help pls  |
Hong bao is the red envelope with cash inside given to people for Chinese New Year. Some employers also give token amounts to their employees, but it is not a bonus, per se. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 12:05 PM |
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If the RMB appreciates, it does so against most every currency.
RMB is also a factor in salary expenses for major corporations whose operating currency is US$.
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of course i understand the basic concept of finance. But under, do u think the rmb appreciation is contributing the biggest part for the differences of the salary expenses to ALL corporation in China than before? |
Last edited by yinlin on Jan 30, 2008 - 12:07 PM; edited 1 time in total |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Jan 30, 2008 - 12:06 PM |
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^ Show me where someone has used the term ALL. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 12:11 PM |
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You are saying that the RMB - Sterling exchange rate has not moved while the RMB - US$ rate has?
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Under, would you think the fluctuation is enough for people to shout that loud? Generally, USD is depreciating to almost every currency i know. |
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babebibobu
LoopKicker
Joined: Sep 29, 2007
Posts: 946
Status: Offline
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Jan 30, 2008 - 12:28 PM |
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China Labor is very Low cost. and for the most part they are great employees.
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Really depends what industry you are in and what you mean by "labor". For low qualified jobs no doubt. For supposedly high level, definitely highly paid, "general managers" in my industry... I have great doubts. I have one GM for one of my companies, who cannot make a budget - or even understand what it is - and asked us (board members) last week "what to do after Q1 after we have signed all deals in our current sales pipeline". The guy is one of the best locals in this niche industry. And he gets paid half a million a year to run a 5 people business. Which is about what the equivalent position would get in our main shareholder's country (a European country with rather low executive salary levels but very high cost of living). And he justed asked for a bonus (just to show this rant is not off-topic) - ie a bonus on top of his existing commission and options scheme - after only 3 months of work... The main shareholders think he is insane. Luckily the old China hand that I am used the "TIC" trick and the other board members bought it... Ah... |
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I'm dancing with tears in my eyes... 'cause the girl in my arms is a boy |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Jan 30, 2008 - 12:28 PM |
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| TwitTwit wrote: |
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You are saying that the RMB - Sterling exchange rate has not moved while the RMB - US$ rate has?
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Under, would you think the fluctuation is enough for people to shout that loud? Generally, USD is depreciating to almost every currency i know. |
Date: 2008/01/30 : 2007/12/01 : 2007/05/01 : 2007/01/01
Currency
GBP: 1432.8 : 1528.11 : 1536.78 : 1532.32 [6.5%]
US$: 719.98 : 739.97 : 770.55 : 780.87 [7.8%]
Right, no meaningful difference. 
Did they also not teach you that 6.5% to most major corporations on this planet is a significant sum?  |
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babebibobu
LoopKicker
Joined: Sep 29, 2007
Posts: 946
Status: Offline
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Jan 30, 2008 - 12:31 PM |
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Underho - profession: full-time Google researcher at a major US corporation in China |
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I'm dancing with tears in my eyes... 'cause the girl in my arms is a boy |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Jan 30, 2008 - 12:33 PM |
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| babebibobu wrote: |
| Underho - profession: full-time Google researcher at a major US corporation in China |
Bzzzt ... wrong answer.
Try someone who keeps currency exchange on their PDA from a Bank of China RSS feed. |
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mrpango
Low Seater
Joined: Jan 26, 2007
Posts: 3274
Status: Offline
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Jan 30, 2008 - 01:06 PM |
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To be fair I always track the pound against RMB.
Good news for me and the mrs, as the RMB is getting stronger, so when it comes to converting to take back, we get more. Its like a mini pay-rise already. |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 01:13 PM |
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GBP: 1432.8 : 1528.11 : 1536.78 : 1532.32 [6.5%]
US$: 719.98 : 739.97 : 770.55 : 780.87 [7.8%]
Right, no meaningful difference.
Did they also not teach you that 6.5% to most major corporations on this planet is a significant sum?
yes 6-5% is significant %, my false comment
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 01:51 PM |
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Date: Feb 06; Sept 06; Jan 07; May 07; Sep 07; Now (30 Jan, 0
GBP: 14.3; 15.1; 15.3; 15.45; 15.30; 14.30
SGD: 4.95; 5.05; 5.09; 5.085; 4.75
AUD: 6.02; 6.05; 6.2; 6.39; 6.2
Euro: 9.75; 10.2; 10.3; 10.5; 10.3; 10.6
Dear Under,
I reckon we should look into the currency rate at longer period (2 years i am comparing here) instead of comparing the currency rate at the peak vs the lowest, you agree?
As you can see pound vs RMB is basically at the same current currency rate if you compare the rate now vs two years ago. http://finance.yahoo.com/currency/convert?from=GBP&to=CNY&amt=1000&t=2 y)
I trust you are convinced that you don't set up your office in China just to bet your currency will beat RMB strongly two years ago or years before.
In SGD, the currency was 4.95 in Feb 06 and now is even higher at 5.06 and in fact, Singapore based company doesn't pay more in salary expenses compare two years ago.
Aud; it was 6.02 at Feb 06 and now is 6.4
Euro: 9.75 Feb 06; now is 10.6
But look at USD, it came down from 8.36 to 7.2 now.
That's why my statement was saying that do you think the major contribution for extra expenses in salary for ALL companies caused by the currency exchange instead of other real reasons? |
Last edited by yinlin on Jan 30, 2008 - 02:03 PM; edited 1 time in total |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 02:00 PM |
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babebibobu
LoopKicker
Joined: Sep 29, 2007
Posts: 946
Status: Offline
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Jan 30, 2008 - 02:09 PM |
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Yahoo + lengthy ranting vs. whatever RSS feed on PDA
A good indicator to watch would be the rapidly decreasing number of hits on this thread. Moderators, could you provide statistics on this? Preferably a RSS feed we could get on our mobiles. Thanks. |
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I'm dancing with tears in my eyes... 'cause the girl in my arms is a boy |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 02:21 PM |
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Yahoo + lengthy ranting
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oh yeah, you are right and i can see why you are sitting at the board in your company now. And what was under's reply in the thread when you claimed your lenghty experience, pegged to his Bull$hit-O-Meter? I can guess why now.
This is RANTING! |
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mrpango
Low Seater
Joined: Jan 26, 2007
Posts: 3274
Status: Offline
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Jan 30, 2008 - 02:22 PM |
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You make as much sense as Nathalie... |
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Well, may as well start a blog http://www.sinocracy.com/ - click at your leisure! |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 02:25 PM |
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mrpango, might to tell me why you think that was a very wrong statement?
guess i am getting unpopular in this forum now |
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mrpango
Low Seater
Joined: Jan 26, 2007
Posts: 3274
Status: Offline
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Jan 30, 2008 - 02:27 PM |
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no, I meant I don't understand what you said
This is a forum, everyone has opinions, and are entitled to share them |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 02:49 PM |
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when you dont understand what i said, you claim my statement had made no sense.
If you was an english teacher, i should join your class after winter. |
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mrpango
Low Seater
Joined: Jan 26, 2007
Posts: 3274
Status: Offline
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Jan 30, 2008 - 02:58 PM |
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Only do it part time But its a conversational class rather than written. |
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Well, may as well start a blog http://www.sinocracy.com/ - click at your leisure! |
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SnappySammy
Board Legend
Joined: Nov 01, 2007
Posts: 10143
Status: Offline
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Jan 30, 2008 - 09:46 PM |
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when did this become the boring thread? |
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Yank My Doodle It's A Dandy |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 30, 2008 - 11:42 PM |
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hi snappy, it became quiet after comrade under refuses to post anything. |
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MoonOverMiami
Raver
Joined: Jan 07, 2008
Posts: 461
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| Posted:
Jan 30, 2008 - 11:55 PM |
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| chicane wrote: |
| now that we're on the subject of bonus before the new year, what abt Hong baos? I am giving my guys 1 mth bonus due this week - and was wondering what abt hong baos? What is the minimum sum? And is the Hong bao the equivalent to jiang jing - which i think it means 'performance bonus'...? and since i will be giving them a mths' bonus, does this means the hongbao is not needed....?? I am sooo confused.... Help pls |
Depends on what you want to do for your company. For our company (Chinese owned) the hong bao is the bonus. |
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"One who falls asleep with an itchy backside, will wake up with smelly fingers..." |
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yinlin
Rocker
Joined: Feb 26, 2007
Posts: 643
Status: Offline
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Jan 31, 2008 - 12:15 AM |
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I gave out two hong pao to my staffs, one is in the name of company (13th month bonus) and the other is from my own pocket.
P/s: When the thread title pop up to the top of the list and i thought under was here. LOL |
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