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Eligible UOB Group staff will get pay increases and promotions this coming June.
This broad-based pay increase and promotions initiative was announced by UOB today (Mar. 9), and is expected to cover up to 98 per cent of their entire headcount.
UOB clarified that this excludes senior management. The review of compensation packages for senior management will be considered in a later phase.
Salary increases & promotions
The press release stated that this mid-year exercise is ahead of the annual year-end one.
Pay increases and promotions were put on hold last year in order to "protect the jobs and livelihoods of its employees", UOB said.
In this mid-year exercise, high-performing employees across UOB Group will receive salary increases that are above market average.
The salary increase follows the early payout of UOB’s 2020 performance bonus payments, which employees received last month.
Mid-year promotions will also be granted to those individuals with widened job scopes, and those who exceeded performance expectations over the last 12 months.
The timing is set to coincide with the mid-year performance review of each employee.
Top photo via UOB.
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