Pay Hikes and Promotions to Resume at UOB

The bank has announced that it will launch in June a round of pay increases and promotions, excluding senior employees, that will cover up to 98 percent of its employees.

UOB said it is confident in a sustained economic recovery in 2021, and wants to recognize the efforts made by its 26,000-strong workforce in helping the bank navigate and emerge stronger from the crisis, according to a statement on Tuesday.

The bank will award high-performing employees above-market average salary increases and grant mid-year promotions to staff with widened job scopes and who exceeded performance expectations over the last 12 months, the announcement 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, Dean Tong, UOB head of group human resources, said.

UOB recently posted its annual earnings – S$2.92 billion ($2.21 billion) for the full year 2020, or 33 percent lower than 2019’s record earnings, citing lower margins and reduced customer activities amid the COVID-19 pandemic.

In its annual report, UOB said it was optimistic about improved economic conditions, given ASEAN’s improved connectivity with Greater China and the region’s growing affluence, and would be rebalancing its business to focus on wealth and connectivity-related products and services that bring more value to customers and drive higher fee income.