Singapore banks stick to hiring plans even as UOB freezes wages
Singapore
SINGAPORE banks have stuck to staffing plans made earlier in the year, including their commitments to retain jobs through to the end of 2020. But they are actively managing staff costs as Singapore remains in the throes of its worst recession.
It comes as UOB has instituted a wage freeze at this point. The bank said that it is keeping salaries "at their current levels for now", though it can revise its stance as the external environment improves.
UOB is taking a "disciplined and selective" approach to any new increases in headcount, but said it will continue hiring for roles essential for the bank's strategic priorities, the bank told The Business Times.
These new appointments will be approved at the most senior levels of the bank, said Dean Tong, head of group human resources at UOB. "Our priority is to protect the jobs of our people …
A NEWSLETTER FOR YOU
SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
UOB Kay Hian says ‘disadvantageous’ to reveal details of key management’s remuneration
Deutsche Bank has cut dozens in Asia private banking overhaul
Middle East violence heightens market fears of rate hikes, inflation
Tokyo's Nikkei drops more than 1,000 points, most in 3 years
Cordlife calls for trading halt after shares sink to all-time low, pending announcement
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece