‘No Christmas bonuses due to increase in utility prices’
Can you think about a Christmas without a bonus from your employer?
Financial Consultant, Charles Mensah, says employees are not likely to get Christmas bonuses this month due to Monday’s utility tariff increases.
According to him, employers are also likely to withhold salary increments for some time for the same reason.
The Public Utility Regulatory Commission (PURC) this week approved a hike in water and electricity tariffs by a total of more than 120 percent.
The price of water went up by 59.2% and electricity went up by 67.2%.
Speaking on Business Trends Wednesday, Charles Mensah said due to the additional cost that businesses would incur, their only option would be to withhold bonuses and salary rise.
Meanwhile, industries have indicated that they would not pass on additional costs to consumers, further reinforcing the assessment that employees are likely to bear the brunt of the Monday's utility price increases.