Employee's Frustration

SINGAPORE: A bank employee in Singapore expressed his frustration online after his year-end performance review yielded only a 3% salary increase and a mere 1.44 months' bonus. Posting on the Reddit community r/askSingapore, he described feeling undervalued despite his hard work and additional responsibilities over the past year.

“I just received a 3% increment and 1.44 months bonus,” the employee shared, wondering if these figures were typical for the industry, particularly since his company does not offer an annual wage supplement (AWS).

Concerns About Performance and Promotion

The individual emphasized that he had taken on more projects and responsibilities, contributing significantly to the team’s success. However, he was surprised to learn that his performance rating had dropped compared to the previous year, and he missed out on a promotion despite being shortlisted.

“During the performance review, I was told I was shortlisted for a promotion, but someone higher up rejected it because I’ve only been with the bank for 18 months,” he lamented.

Uncertainty About Future

Adding to his concerns, he questioned the future of his role at the bank. With operations in Asia being relatively small, he speculated on the possibility of the bank withdrawing from the Asian market as it shifts focus to American operations, which added to his uncertainty about his career trajectory.

Community Responses and Industry Insights

Responses from the online community were mixed but leaned towards indicating that his increment and bonus align with industry standards. Many Redditors shared their similar experiences, stating that while a 3% increment is common, a promotion generally results in a more substantial salary increase ranging from 10% to 20%.

One user pointed out, “If you’re not being promoted, I think 3% is an average target for the SG market. I’ve had increments between 2-4% over the last few years.” However, others felt that given the added responsibilities he had undertaken, the bonus seemed inadequate.

Call to Action

A commenter remarked, “For banks, a 3% increment (barely beats inflation) and a 1.44 bonus is quite bad. Even government jobs provide a minimum of 3 months for an average performer, including AWS. You should consider starting a job hunt now.

In an interesting related story, another disgruntled employee, a technician with nearly five years of service, took to social media to highlight that new hires at his company received $200 raises after just three months of employment, a stark contrast to his own minimal increments.

Conclusion

These anecdotes highlight a growing concern among Singaporean workers regarding the fairness of salary increments and promotion processes, underscoring the need for companies to reassess their employee reward systems in an increasingly competitive job market.

In light of these discussions, many are left wondering: Is it time for employees to advocate more aggressively for their worth?