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.