Did you get a year-end bonus this year?48.3 percent of finance sector employees received bonuses, while insurance “workers” were mostly flat or down

2022-05-07 0 By

A week from now is the Lunar New Year, whether there is a year-end bonus, how much year-end bonus, has become one of the biggest concerns of every migrant worker, insurance workers are certainly no exception.On January 25, reporters of Beijing Business Daily found that some insurance companies have paid year-end bonuses or will pay out, but a small number of insurance company employees said they do not know whether year-end bonuses are available.The annual bonus can be a barometer of the company’s operating conditions, and a reasonable annual bonus can also reflect the company’s complete incentive system.For insurance workers, whether and how much year-end bonus they have will not only affect their enthusiasm for work, but also become the weight of their decision whether to job-hopping.Most of them are flat or even down from last year. Employees of life insurance companies are more satisfied with the approaching Spring Festival, and what they look forward to more than the holiday is the year-end bonus.Zhaopin.com recently released the 2021 White-collar Year-end Bonus Survey report, which showed that 48.3 percent of white-collar workers in the financial sector can receive year-end bonuses, second only to 54.9 percent in the energy sector.In the various branches of the financial industry, the insurance branch is always “treated differently”.However, what workers value most is salary and bonus. What is the “truth” of the year-end bonus for the majority of insurance workers?To find out, reporters from Beijing Business Daily interviewed a number of insurance company employees in different positions.More than two-thirds of the respondents said their company had already handed out their annual bonus, which was about the same as the previous year, while some insurance workers said their bonus had “decreased.”When asked if their annual bonus was in line with their expectations, respondents generally agreed that 2021 will not be even as good as previous years, and were not surprised to see no increase in bonuses.Li Wenzhong, deputy director of the insurance department at Capital University of Economics and Business, pointed out that it is not surprising that insurance companies will receive lower year-end bonuses in 2021 than the previous year, as the insurance industry will enter an adjustment cycle in 2021, with significantly lower business development and profitability than the previous year.The year-end bonus of insurance workers is subject to many uncertainties.An employee of actuarial department of a small and medium-sized life insurance company said: “The company’s new life insurance product in 2021 has a good market response, resulting in the company’s new insurance premium exceeds expectations. The year-end bonus is a quarterly salary for each person. The company did not give me a year-end bonus because I have been working for less than one year, I am very satisfied.”Human feeling is not same, of course, some insurance company staff, said:” the company’s a big customer, affected by the typhoon “fireworks” hard-hit companies accounted for this customer has reached hundreds of millions of yuan, the company in 2021 net profit may be covered by turning losses, to now the company didn’t say anything about year-end bonuses, is probably not at all.”Overall, however, life insurers’ year-end bonuses were generally better than those of property insurers.Many property insurance company employees are not satisfied with the year-end bonus or even said there is no year-end bonus.A head property insurance company technology department manager told Beijing Business Daily that the personnel promised at the time of entry, the year-end bonus is 3-6 months of salary, at least 3 months, but can actually get only 1 month’s salary.”I’m already writing my resume and preparing for a career change,” he said bluntly. “I don’t have to look forward to the insurance company treatment.”It can be seen that the year-end bonus of different insurance workers is not small, some happy and some sad.So, how is the annual bonus calculated?What kind of annual bonus is reasonable?The Corporate Governance Standards for Banking and Insurance Institutions issued by THE CBRC in June 2021 clearly points out that banking and insurance institutions can establish market-oriented medium – and long-term incentive mechanisms and constantly optimize their compensation structure in accordance with relevant national regulations.Banks and insurance institutions will be encouraged to explore various non-material incentives in accordance with the law.At the same time, the Corporate Governance Standards for Banking and Insurance Institutions require banking and insurance institutions to establish a performance appraisal mechanism in accordance with the principle of taking both benefits and risks into account and paying equal attention to long-term and short-term incentives, and require scientific and complete indicators and clear and standardized processes.The basis of year-end bonus distribution varies from company to company, and state-owned (holding) companies are generally conservative, Li said.Companies that are able to give out large year-end bonuses take into account company, department and individual performance.In the process of specific practice, how to determine the year-end bonus?A related person in charge of a branch of life insurance told Beijing Business Daily that the year-end bonus of their branch is not the same as the average person’s head, but the year-end bonus of the field post is calculated according to the performance of the department and the individual.Employees who can complete performance appraisal will receive 0.8% of their performance as year-end bonus;If the performance is not completed, a year-end bonus of 0.6% of the completed performance will be paid.When it comes to the amount of year-end bonus, the person in charge said that a small number of grass-roots employees received year-end bonus of tens of thousands of yuan, and the situation of annual bonus of less than 10,000 yuan can be found everywhere.Beijing Business Daily reporter Chen Tingting Li Xiumei