Employees of KPMG in Singapore will be looking forward to their next pay cheque after the accounting firm committed about S$25 million to salary increments.
As part of the move, starting pay for entry-level professional employees will increase by up to 20 per cent.
In a May 19 press release, KPMG said that the majority of its staff in Singapore would benefit from the salary adjustments.
The firm also announced that it would pay out "market-competitive bonuses" while splashing S$30 million on a "lifelong learning programme" for its 3,200-strong local workforce.
Signalling the importance of staff
Ong Pang Thye, managing partner of KPMG in Singapore, described the raises as the firm's way of signalling to staff and stakeholders the "critical importance of professional services, auditors and advisers to the continued functioning of the financial markets".
"We do not take for granted the pivotal role that each employee plays in creating measurable change that betters life for countries, companies and communities," he said.
In addition, the firm called the pay hike "timely" given the increasing complexity of businesses, citing evolved tax and audit requirements, widening stakeholder expectations, and the need for deeper expertise.
The S$30 million investment into its "lifelong learning programme" will take place over the next five years.
"Training will focus on futurist capabilities, harnessing skillsets such as data and digital literacy as well as valuing and creating measurable impact, alongside environmental, social, and governance topics," read the press release.
Pay increases in Singapore
The results of a survey published at the start of 2022 found that employers in Singapore were planning to offer employees pay increases in the face of inflation and a talent crunch, reported The Straits Times.
Conducted by advisory firm Willis Towers Watson, bosses surveyed were expected to offer an average increase of 3.8 per cent this year, up from 3.4 per cent in 2021.
Regionally, the financial services industry was projected to experience a 4.85 per cent increase in pay.
KPMG said their Singapore-based pay increases represented continued confidence in the country's economic outlook.
Globally, the Big Four accounting firm reported annual aggregated global revenues of US$32.13 billion (S$44.29 billion) for the financial year ending in 2021 — a 10 per cent increase from the previous year.
Top image from KPMG website