More Singapore bankers dreading bonus cuts this year: report

Over one in five are downbeat on their payouts.

Singaporean bankers are not expecting bumper payouts as bonus season rolls in. A study by eFinancialCareers revealed that only 42% of professionals working in financial services are expecting bonus increases this year, down from 50% during the same period in 2013.

Over one in five financial services professionals in Singapore (22%) expect that their bonuses will decrease. This figure is significantly higher compared to their counterparts in the UK (17%) and the US (14%).

The report noted that intense scrutiny of recent years have forced companies become more strategic when it comes to splitting the bonus pot. Top performers are heavily prioritised and a number of employers have also significantly increased basic salaries for front office revenue generating staff.

“Results from the survey are not a reflection of the health of the financial services industry in Singapore but indicate that professionals have more realistic expectations when it comes to this year’s bonus payout. We’ve often seen a mismatch in the past,” said George McFerran, Sales and Marketing Director at eFinancialCareers.