UOB announces it will launch a round of pay increases and promotions for all eligible employees across the whole Group. The launch will take place in June this year. This broad-based pay increase and promotions initiative will cover up to 98 per cent of the Group’s total headcount. It excludes senior management.
The Bank is confident in a sustained economic recovery in 2021. The push for a mid-year exercise, ahead of its annual year-end one, signals this confidence. Through this initiative, UOB is also recognising the tremendous efforts of its 26,000-strong workforce in helping its customers and the Bank emerge stronger from the COVID-19 crisis.
Under the Bank’s pay-for-performance compensation approach, high-performing employees across the Group will receive above market average salary increases. The salary increase also follows the early payout of UOB’s 2020 performance bonus payments which employees received last month.
Personnel with widened job scopes and exceeded performance expectations over the last 12 months will receive mid-year promotions. The promotions are in line with Bank’s pay-for-position approach. The promotions will coincide with the mid-year performance review of each employee.
UOB Group HR Head Comments
Mr Dean Tong, Head of Group Human Resources, UOB, said, “With the green shoots of recovery appearing late last year. As well as growth well into the new year, UOB has remained resilient. This is mainly because of the sense of purpose, strong team spirit and determination of our people.
“At UOB, our people come first. We have a fundamental belief in taking care of them. We are committed to doing all that we can to ensure their professional and personal fulfilment. Through this mid-year salary and promotions exercise, we are showing our appreciation to our people who gave their very best every day in service of our customers and the Bank during very trying times.”
Last year UOB put on hold pay increases and promotions to protect the jobs and livelihoods of its employees. This hold was mostly due to the pandemic.
A review of compensation packages for senior management will be considered in a later phase.