The bank will resume salary increases and promotions for most employees in June, after holding off in 2020 to safeguard jobs.
United Overseas Bank (UOB) has announced that up to 98% of its staff, excluding senior management, will receive pay increases and promotions in June 2021. This broad-based initiative is a significant move after last year’s freeze on such adjustments, which the bank implemented to protect jobs and livelihoods amid the pandemic.
The mid-year exercise will see eligible employees across UOB Group benefiting from salary increments that exceed the market average, particularly for high-performing staff. This initiative comes ahead of the bank’s usual year-end review, marking a proactive step to acknowledge employees’ contributions during challenging times.
While the pay adjustments and promotions will impact most employees, UOB clarified that senior management’s compensation packages will be reviewed in a later phase. This marks a return to normalcy for the bank’s compensation strategy after the temporary measures taken in 2020.
