AS its faith in robust economic recovery in the post-pandemic world deepens, United Overseas Bank Ltd (UOB) announced today that it will roll out in June a round of pay increases and promotions for all eligible employees across the whole banking group.
This broad-based pay increase and promotions initiative will cover up to 98% of the group’s total headcount across the region, including Malaysia, China, Indonesia, Thailand and Vietnam.
The exercise, however, excludes senior management staff.
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 recognising 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 can expect to receive above market average salary increases.
The salary increase also follows the early pay-out 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.
“With the green shoots of recovery appearing late last year and showing growth well into the new year, UOB has remained resilient,” UOB’s group human resources head Dean Tong pointed out.
“This is in large part because of the sense of purpose, strong team spirit and determination of our people.”
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 managing its business, the review of compensation packages for senior management will be considered in a later phase. – March 10, 2021
