SINGAPORE: Professional services firm KPMG Singapore announced on Sunday (May 12) that it is investing more than S$100 million to raise salaries for training, upskilling, and technological enablement.

Notably, this is the second salary increase to be implemented across the company’s key functions in two years.

The company called the move a commitment towards a strategic investment. It said it reinforces its “leadership position in advancing workforce capabilities and driving technological innovation within the professional services sector.”

Moreover, it speaks to KPMG’s commitment to expand learning opportunities for its more than 3,500 employees, allowing them to acquire qualifications and new skills beyond industry standards.

Meanwhile, eligible employees will receive competitive salary adjustments while KPMG adopts leading-edge technology to serve businesses and communities with excellence.

From October 2024 onward, salaries will increase for employees in Audit, Tax, and Enterprise Risk Services as part of the company’s desire to build and sustain a high-quality talent pipeline.

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“An aggregate investment of S$30 million is expected to substantially benefit eligible staff up to the Manager level,” KPMG announced.

Notably, the company has led the market in increasing the pay for audit and tax employees in Singapore who have attained the Singapore Chartered Accountant (SCA) qualification or Accredited Tax Advisor (ATA) qualification.

In 2022, a 20 per cent pay increment to their salaries was announced for eligible employees, the first time the industry had seen such an uptick.

The company underlined its aim to attract top-tier talent to serve its clients and community, among other commitments.

“In response to the evolving dynamics within the accounting profession and the broader challenges presented by macro-economic uncertainties, regulatory changes, and the growing significance of emerging technologies and ESG factors, KPMG’s strategic investment in competitive salaries, technological advancements, and comprehensive training initiatives aims to support our people in navigating these complexities.

It underscores our commitment to talent development, quality assurance, and our determination to elevate industry standards, thereby enriching the profession and ensuring we stay ahead in this intricate business landscape,” said Lee Sze Yeng, Managing Partner of KPMG in Singapore.

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The KPMG network was founded in 1987 and operates in 43 countries and territories. It has over 273,000 partners and employees working in member firms across the globe.

It is one of Singapore’s top five professional services firms and is among the top 170 employers by The Straits Times’ annual ranking of the top employers in the country. /TISG

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