SINGAPORE: Bank Employee's Disappointment

A bank employee in Singapore has sparked a heated discussion online after revealing his disappointing year-end compensation review. After dedicating extra hours and taking on numerous additional responsibilities, he felt let down by a mere 3% salary increment and a bonus amounting to just 1.44 months' pay.

Frustration on Social Media

In a post shared on the Reddit forum r/askSingapore on December 12, the employee expressed his frustration, questioning if his raise was in line with industry standards, especially since his company does not provide an annual wage supplement (AWS). “I just received 3% increment and 1.44 months bonus. Is this in line with the industry?” he wrote, highlighting his commitment to going above and beyond during the past year.

Contributions and Disappointments

Despite his significant contributions—including managing additional projects and shouldering increased responsibilities—he was surprised to receive a lower performance rating than the year prior, contributing to his feelings of dissatisfaction.

Promotion Concerns

Moreover, he learned that he would not be promoted, despite being shortlisted for a higher position. “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 confided.

Job Security Worries

Adding to his concerns, the employee voiced uncertainty about the future of his position within the bank, particularly as he perceives a shift towards focusing on the American market. "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," he noted.

Community Responses

Responses from fellow Singaporean Reddit users revealed a mixed bag of experiences. Some affirmed that his increment and bonus were typical for the industry, with one user commenting that promotions often yield a much higher raise of 10% to 20%, while performance-only increments typically fall between 2% to 4%. However, others felt his compensation was indeed low given his extra efforts.

Comparison with Government Jobs

One user pointed out, “For banks, a 3% increment (barely beats inflation) and a 1.44 months bonus is quite bad. Even government jobs typically start at a minimum of three months for average performers, including AWS.” The sentiment was clear: many suggested it might be time for him to consider a job hunt, as he would hit the two-year mark at the bank around the time he finds a new role.

Broader Employment Trends

In a parallel situation, a different skilled technician took to social media expressing frustration over receiving a smaller salary increment compared to new hires. He revealed new employees received a $200 increase after their three-month probation period, while his increments have been notably less generous over his five years with the company.

Conclusion: Growing Concerns

Such anecdotes highlight a growing concern among Singaporean professionals regarding wage increases and job satisfaction in the face of rising living costs. As the discourse continues, employees are increasingly questioning their worth and seeking better compensation, illustrating a broader trend in the job market that may lead to heightened employee turnover in search of more rewarding opportunities.