PETALING JAYA: 99 Speed Mart Retail Holdings Bhd has addressed concerns over its employee compensation structure, asserting that wages offered to staff are not only ‘fair’ but also in compliance with the Employment (Amendment) Act 2022.
According to New Straits Times, chief operating officer Yong Eng Kwang, emphasised that while the mini-market sector presents distinct challenges, comparisons to other industries must factor in these differences.
“Under the Employment (Amendment) Act 2022, the national minimum wage is set at RM1,500 per month. This assured that 99 Speedmart not only meets this legal requirement, but in fact, we pay more than that,“ he was quoted as saying.
The statement follows public discussions about employee satisfaction after the company’s founder became one of Malaysia’s wealthiest individuals post-listing.
Some reports suggested that 99 Speed Mart branch managers were earning an average of RM2,387 monthly.
He clarified that the company provides a range of benefits beyond basic wages, including annual salary increments, year-end bonuses, medical coverage through panel clinics, career development opportunities, a free SIM card with 40GB of data and complimentary food vouchers.
Regarding work hours, he mentioned that overtime is compensated accordingly: “Staff requested to work extra hours are paid overtime, and it is done by agreement between both parties,“ he said.
He also dismissed outdated job postings quoting wages from 2020, affirming that they no longer reflect current salaries.
“Today, for example, some of our long-serving branch managers earn over RM4,000 a month, which we believe is fair compensation for their dedication and hard work.
Our employees are the backbone of 99 Speedmart, and we are committed to their well-being,“ he, adding that the company remains dedicated to keeping prices affordable for customers despite rising costs.