Indah Water suffered losses amounting to RM33.35m in 2009 according to the Auditor General's report, and yet their staff got a 1.5 to 2 months bonus during that year. Prasarana lost RM188.03m in 2009 and still gave 1.5 months bonus. So, my question is when will these wonderful employees NOT get any bonus? When they totally bankrupt the company? I shudder to think what will happen if both companies happen to MAKE MONEY ... do you then give out 6 months bonuses? Which management book actually prescribes such practices? Where is the incentive to outperform? It seems the only TRUE GUIDELINE or MOTTO for these firms is "Try not to lose toooo much money, OK boys".
The list goes on. Halal Development Corp lost RM14.57m. KTM lost RM92.6m. MIMOS lost RM5.3m. Yes, you guessed right ... it wasn't an easy guess ... they all paid between 2 to 3 months bonuses to staff. Gawd, I think they got more bonus cause they outperformed Prasarana and Indah Water??!!
The justifications for those bonus payments were to lessen the financial burden of employees, and/or they actually reached their KPIs (even though the companies overall made losses), and/or some of the firms are not profit oriented lah.
Is it only GLC employees that are shouldering the financial burden? Then is the government admitting that the real CPI is actually a lot higher than was actually reported? So, if the CPI continues to worsen, and it looks like it will, I guess all GLC employess can look forward to a guaranteed 2 months bonus again and again. Their worst fears would be if CPI stayed at ZERO for any given year - what an incentive scheme.
Profit Making Ones
There are profitable ones as well. Pembinaan BLT, Water Asset Management Company, Hotel Seri Malaysia, Sarawak Hidro, Sepang International Circuit, Cyberview, Malaysian Biotechnology Corp, UDA, Khazanah and Multimedia Development Corp ..... all did NOT pay any dividends to the government despite making profits, some even when profitable for the past few years.
Is this how we manage the Budget ... all outflows and write downs and no dividends back ... how to balance the books? You'd think we are closer to Greece, are we trying to be the sick man of Asia?
No one is trying to really hurt anyone here, we all know you cannot run this in your own household for too long, even if oil was gushing in your backyard. Accountability and transparency are NOT evil ideas. They are very basic for ANY country to produce efficiently, manufacture cost effectively, sell, recycle profits, reinvest profits, reinvest for future, save, live prudently within our means, minimal wastage, minimal leakages, ... for all that we need Accountability and Transparency.
The question is not "how long has this been going on", the scarier question is "how much longer can we continue this charade?".