Jakarta, CNBC Indonesia – The Covid-19 pandemic has indeed depressed almost all companies from various sectors of their financial performance. This of course causes management to try to reduce the company’s expenses.
One of them is, of course, by reducing the workforce burden through cutting employee salaries. In fact, not a few companies have been forced to terminate their employees so that the company can survive in the midst of the corona pandemic.
However, this does not apply to PT Waskita Karya Tbk (WSKT) and its subsidiary PT Waskita Beton Precast Tbk (WSBP). When the company’s financial performance suffered a severe loss of Rp. 7 trillion and Rp. 4 trillion, it actually increased the salaries of its employees.
It is recorded that WSKT employee salary expenses increased by 26.47% from IDR 506.9 billion in 2019 to IDR 641.1 billion in 2020. Along with its parent company, the salary expenses for WSBP employees also increased no less significantly, namely by 21.22% from its parent company. in 2019 amounting to Rp. 99.4 billion to Rp. 120.5 billion in 2020.
The WSKT financial report notes that in 2020 the group had 2,350 permanent employees, a decrease of 40 from the 2019 position of 2,390. This figure shows that the average salary of WSKT employees is IDR 261 million per year or IDR 21.8 million per month.
This turned out to be inversely proportional to its fellow Karya State-Owned Enterprises (BUMN), which turned out to cut employee salaries to reduce the general burden on the company.
It has been noted that other Karya BUMNs that have released their 2020 financial reports, namely PT Wijaya Karya Tbk (WIKA) and PT PP Tbk (PTPP), have both been observed to reduce employee salaries.
It is recorded that WIKA’s personnel expenses have been cut by 11.41% from the 2019 position of Rp. 680.6 billion to only Rp. 602.9 billion in 2020.
In fact, the reduction in the burden of PTPP employees was more massive, where the company’s financial statements recorded that PTPP’s personnel expenses were cut by 31.46% from IDR 626 billion in 2019 to only IDR 429.4 billion in 2020.
With the anomaly that occurred in the WSKT body where employee salaries continued to rise despite severe losses and the corona pandemic, it was only natural that the Minister of State-Owned Enterprises for the 2011-2014 period, Dahlan Iskan said that despite the severe losses the positions of directors and commissioners of BUMN Karya were still contested.
According to Dahlan, if this happens in a private company, this condition will surely cause the board of directors to be unable to sleep, even to the point of not being able to get an erection anymore.
Perhaps in the case of Waskita Group, it is not the board of directors and commissioners who cannot erect anymore, but the public retail shareholders considering that the prices of the two shares have continued to collapse in the last few months.
It was noted that the WSKT and WSBP strikes fell to the Lower Auto Reject level (ARB, a maximum decrease of 7% in a day) corrected respectively 6.64% and 6.60%.
In fact, during the last three months, WSKT and WSBP shares have collapsed badly, respectively 24.64% and 31.72%
CNBC INDONESIA RESEARCH TEAM
(RCI / RCI)
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