UOB has announced that it will launch in June a round of pay increases and promotions for all eligible employees across the whole Group. This broad-based pay increase and promotions initiative will cover up to 98 percent of the Group’s total headcount. It excludes senior management.
The Bank’s push for a mid-year exercise, ahead of its annual year-end one, signals its confidence in a sustained economic recovery in 2021. Through this initiative, UOB is also recognizing 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.
As part of the Bank’s pay-for-position approach, mid-year promotions will be granted to those individuals with widened job scopes and who exceeded performance expectations over the last 12 months. The timing is set to coincide with the mid-year performance review of each employee.
Dean Tong, Head of Group Human Resources, UOB, said, “With the green shoots of recovery appearing late last year and showing growth well into the new year, UOB has remained resilient. This is in large part 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 and are committed to doing all that we can to ensure their professional and personal fulfillment. 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, as economies and businesses suffered from the devastating impact of COVID-19, UOB put on hold pay increases and promotions in order to protect the jobs and livelihoods of its employees.
As the Bank continues to take a prudent and disciplined approach to manage its business, the review of compensation packages for senior management will be considered in a later phase.