SINGAPORE: After putting in the hours and taking on extra responsibilities, a Singaporean bank employee couldn’t help but feel a little let down when his year-end review resulted in only a modest salary increase and bonus.
“I just received 3% increment and 1.44 months bonus,” the employee wrote on r/askSingapore, a Reddit forum, on Thursday (Dec 12). “Is this in line with the industry? The company does not have an annual wage supplement (AWS).”
The employee shared in his post that he had gone above and beyond his usual scope of work over the past year. From managing additional projects to taking on greater responsibilities, he felt he had made significant contributions to the team.
However, instead of being recognized for his efforts, he received a lower performance rating than the previous year.
To make matters worse, he was not promoted. “During the performance review, I was told that I’m shortlisted for promotion, but I guess someone higher up rejected it since I’ve only been with the bank for 18 months,” he said.
In addition to his dissatisfaction with the appraisal process, he also expressed concern about the future of his role at the bank.
“My bank operation is very small in Asia; hence, I’m not sure if I should move around. I’m just afraid that the bank will exit the Asian market as they are focusing on the American market,” he said.
‘If you’re not being promoted, I think 3% is an average target for the SG market’
Many Singaporean Redditors responded to his post, saying that his salary increment and bonus were actually in line with what they’ve experienced in the industry.
One Redditor said, “Sounds about the same for my increment and bonus from solely performance. Actual promotion will land you 10 to 20%, but not performance-wise.”
Another wrote, “If you’re not being promoted, I think 3% is an average target for the SG market. I had in between 2-4% over the last years.
“For bonuses, they technically give you a range when you sign your contract (up to X months, or%) based on concrete (e.g., sales quota) or non-concrete metrics.”
Others, however, felt that his bonus seemed a bit low, considering the extra work he had taken on over the year.
One Redditor explained, “For banks, a 3% increment (barely beats inflation) and a 1.44 bonus is quite bad. Even government has a minimum of 3 months (for an average performer) including AWS.
“You should start your job hunt now. By the time you land yourself a new job, you will hit your 2 years with the bank.”
In related news, a skilled technician with nearly five years of service at his company shared on social media that he has received a lower salary increment than recent hires.
In his post, he mentioned that the new employees received a $200 salary increase after their three-month probation. This is in stark contrast to his own increment history, which has been considerably less generous.
Featured image by Depositphotos (for illustration purposes only)