THE Penang Development Corporation (PDC) has defended its decision to award a six-month performance bonus to some of its employees.
Wrapping up his speech during the State Legislative Assembly sitting today, Chief Minister Chow Kon Yeow clarified that only 91 employees, approximately 25% of PDC’s workforce, had received the bonus.
The decision, he said, was approved by the corporation’s board and was based on PDC’s exceptional performance last year.
“These metrics include surpassing 85% on the Balanced Score Card (BSC), achieving a record pre-tax and zakat profit of RM527.1 million, with a 91% increase from 2023, and recording 104% revenue collection alongside 96% budget expenditure performance,” Chow (PH–Padang Kota) explained.
He added that the total bonus payout amounted to RM6.8 million, or just 1.3% of the corporation’s 2024 profit.
“The breakdown of recipients included two members of top management, 43 management and professional staff, and 46 support personnel,” he said.
Chow’s explanation came in response to Lim Guan Eng (PH–Air Putih), who had questioned the substantial bonuses awarded to PDC staff.
Chow further noted that the bonus was also justified by PDC’s excellent overall budget performance in achieving 104% in revenue collection and 96% in expenditure
.
“Additionally, interest savings from the early prepayment of long-term loans amounting to RM8.6 million, along with the successful implementation of high-impact strategic investment programs, enabled PDC to reward its staff accordingly,” he said.
In response to a separate query from Lim, Chow also confirmed that the state government currently owes PDC RM494.4 million from the Bayan Mutiara development project.
“Between 2012 and 2018, the project generated RM1.072 billion in revenue, all of which was deposited into the state’s accounts.
“Some of the portion of this revenue was returned to PDC to fund affordable housing projects in Batu Kawan, Teluk Kumbar, Butterworth, George Town, and Seberang Perai, while the full amount due has not yet been settled,” he added.
Story by Edmund Lee