UOB Group has announced a round of pay increases and promotions for the bulk of its employees across the region in what is seen as a signal of confidence in a sustained economic recovery this year in the wake of the Covid-19 pandemic.
It said in a statement that the broad-based initiative would cover up to 98% of its total headcount across regional countries including Malaysia, China, Indonesia, Thailand and Vietnam, excluding senior management.
Under its pay-for-performance compensation approach, it said high-performing employees would receive above-market average salary increases.
This follows the early payout of UOB’s 2020 performance bonus payments last month.
As part of its pay-for-position approach, meanwhile, mid-year promotions will be granted to those with widened job scopes and who exceeded performance expectations over the last 12 months.
Dean Tong, head of UOB Group’s human resources, said, “With the green shoots of recovery appearing late last year and showing growth well into the new year, UOB has remained resilient.
“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.”
UOB added that a review of compensation packages for senior management will be considered in a later phase.
UOB has a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America.
In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.