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UOB Singapore puts a pause on salary increases

UOB Singapore puts a pause on salary increases

UOB Singapore has put a pause on salary increases, as it continues to focus on protecting the livelihoods of its employees.

In a statement to Human Resources Online today (16 September), Dean Tong, Head of Group Human Resources, UOB, said the bank will revise its stance on this as the external environment improves.

Apart from this, with the economic outlook for the year ahead being "one of the worst in the decades", the Bank will be taking a "disciplined and selective approach" to any new headcount increases.

Tong added: "However, we will need to continue investing in and hiring for roles essential for our strategic priorities and, as such, new appointments will be approved at the most senior levels of the Bank."

In response to queries by Human Resources Online, Tong said these roles would include those in areas such as technology and data analytics, as well as commercial banking and corporate banking.

Tong also highlighted that through these "transformational times", the Bank remains committed to see its people through to better times, and will continue to invest in their reskilling and upskilling. 

"This will ensure that our people, and the Bank, will emerge stronger when these difficult days are over."

Photo / 123RF

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