Disappointed Bank Employee in Singapore Shocked by Modest Pay Raise and Low Bonus: Is This the New Normal?

SINGAPORE: A bank employee in Singapore has expressed his disappointment after receiving a mere 3% salary increment and a bonus of 1.44 months, following a year where he took on extra responsibilities and worked beyond his normal scope. In a candid post on the r/askSingapore subreddit, he inquired whether his financial recognition was in line with industry standards, especially since his company does not provide an annual wage supplement (AWS).

Despite his hard work—managing additional projects and stepping up his role—he was surprised to find that his performance rating had actually decreased compared to the previous year. Adding to his frustration, he alleged that a potential promotion was denied because he has only been with the bank for 18 months.

“I was told I was shortlisted for promotion, but I guess someone higher up rejected it,” he stated. “With my bank’s operations being relatively small in Asia, I worry about my role as I’ve heard rumors that they might be shifting focus to the American market.”

Responses from other Reddit users varied, with many stating that his increment and bonus were typical for the industry—in line with what many experienced in Singapore. One user noted, “For actual promotions, you might see increases of 10-20%, but a 3% increase without a promotion is standard.”

However, some commenters were quick to argue that the 1.44 months bonus was inadequate considering the extra work the employee had contributed over the year. “For banks, a 3% increment barely beats inflation, and a 1.44 bonus is quite disappointing,” one user pointed out, urging him to start job hunting. “By the time you find a new job, you’ll hit two years with the bank, which can be a significant milestone.”

The conversation surrounding employee satisfaction and compensation continues to escalate in Singapore. Another incident shared on social media involved a technician who expressed concern over receiving a lower salary increment compared to newly hired colleagues, who reportedly earned a $200 raise post-probation compared to the technician’s incremental history of just $100.

As the cost of living rises and inflation becomes a pressing issue, the dissatisfaction surrounding remuneration packages in Singapore’s job market seems to become a recurring theme. With many workers feeling undervalued, it raises a broader question: Are companies in Singapore keeping up with their employees’ contributions in this challenging economic climate?

Stay tuned as the industry’s response to employee feedback unfolds! Are you also facing similar issues? Share your thoughts!