Review of compensation packages for senior management will be considered later.
UOB will launch a round of pay increases and promotions in June, covering 98% of the group’s total headcount excluding senior management.
In a press release, the bank said this move signals its confidence in Singapore’s economic recovery in 2021 and hailed its 26,000-strong headcount for their work during the COVID-19 crisis.
“At UOB, our people come first. We have a fundamental belief in taking care of them and are committed to do all that we can to ensure their professional and personal fulfilment,” said Dean Tong, head of group human resources at UOB.
“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,” Tong added.
Review of compensation packages for senior management will be considered in a later phase, according to the press release.
Under UOB’s pay-for-performance compensation approach, those identified as high-performing employees across the group will reportedly 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, the bank added.
Meanwhile, mid-year promotions will be granted to individuals with widened job scopes and “who exceeded performance expectations over the last 12 months.”
Last year, as economies and businesses suffered from the devastating impact of COVID-19, UOB put on hold pay increases and promotions to protect the jobs and livelihoods of its employees.