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HSBC to raise year-end bonus upper limit

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HSBC notified some employees of an updated bonus scheme through internal emails last week. Outstanding employees can count on a year-end bonus equivalent of up to three months of their basic salary, higher than last year.

The update is applicable for entry to intermediate-level employees (level six to eight in HSBC’s nine-level career scale). The bonus increase is between 0.25 and 0.5 of a monthly basic salary. It will be effective in the fiscal year of 2019.

An HSBC representative said the bank reviewed employees’ compensation and benefits packages from time to time to retain the best talent. The transparency of streamlined variable pay allows employees to understand the whole rewards process better.

In January 2018, the bank announced the extension of the upper limit of the bonus to 2.5 months. The nine-level career path scale ranges from level zero to level eight. The smaller the number is, the higher the person stands in the pyramid scheme.

The story was first reported by HKET.

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