Melco Resorts & Entertainment Limited (Nasdaq: MLCO) (“Melco” or the “Company” or “we”), a developer, owner and operator of casino gaming and entertainment resort facilities in Asia, today announced that it has completed the benefits program review for its non-management employees in Macau. This review has been in progress since the beginning of this year and was developed listening to employees through the Company’s regular focus groups and other direct channels, which have been implemented since May 2014. From January 2018 alone, 144 communication sessions were held. This is in addition to table games employees’ global survey conducted every six months since May 2012. We have also been in close communication with relevant Macau SAR government departments. The review also took into account Melco’s philosophy and culture of caring for our colleagues as well as industry practices and local labor regulations.
As part of this review, and following the Company’s discussions with the Macau SAR government with respect to the parameters for the implementation of a mandatory centralized provident fund which commenced in 2017 and, in line with these parameters, Melco will launch a new pension fund plan with matching contributions of up to 5% of base salary and guaranteed tips (if any) and will award a one-time special gift of one month salary to eligible Macau non-management employees upon completion of the process related to their participation in the new pension fund plan, subject to further applicable terms and conditions. This will be implemented in the coming months and payment of the one-time special gift to eligible employees, if applicable, is expected to be made on or about the end of October 2018.
As part of this review, various other benefits were announced to employees, including but not limited to, enhanced employee discounts, a new policy on sick leave which will be trialed for one year, perfect attendance recognition and service award recognition programs honoring 10 years or more of service.
Melco’s culture of caring for employees is also exemplified by our best-in-class “Heart of House” work environment with award winning employee areas.
In addition, from 2014 to 2018, and at economic challenging times, Melco established an employee bonus program, the Golden Nest Egg program (“GNE program”), which provided up to 6 months of pay to employees who met certain eligibility requirements with an overall cost of approximately USD125 million (MOP1 billion). Over 10,100 non-management employees across the group participated in the GNE program.
Melco also provides market-leading and innovative employee development programs which transform employees lives. The pioneer Back to School Program enables employees to obtain high school diplomas; Melco Scholarship programs for employees and their immediate families for local Macau and international universities; the USD1.485 million (MOP12 million) donation for typhoon Hato relief funds to employees and paying out 100% of assistance requests to 1,904 employees. As part of Melco Volunteer Recognition program, an award of a USD60 (MOP500) food and beverage complimentary offer was given to each of the 2,800 Melco volunteers, as a sign of Melco’s appreciation for their selfless participation in hundreds of community supporting events organized by Melco.
We are very pleased to announce this benefits program for our Macau non-management employees. This review has been open and directly communicated to our employees by our senior management. We are extremely proud of all of our colleagues’ hard work and dedication, without whom our achievements and success would not be possible. We are also very grateful for our teams’ unlimited efforts. Looking to the future, we will continue our team work to ensure that Melco is one of the best places to work in Macau and around the world.
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