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Singapore finance professionals expect lower bonuses this year: Survey

Zafirah Salim | Oct. 30, 2014
Of the 696 professionals polled, only 42 per cent are looking forward to an increment to their bonuses, down from last year’s 50 per cent.

Fewer professionals in the local financial industry are expecting a bigger bonus this year, according to a recent survey by eFinancialCareers.

Out of the 696 respondents polled, seven out of 10 (71 percent) believed that they will receive a bonus this year, which is similar to last year's 72 percent. However, those who expected their bonus to increase make up just 42 percent. This is again a decrease from last year, of which the figure stood at 50 percent.

"Results from the survey are not a reflection of the health of the financial services industry, but indicate that professionals have more realistic expectations when it comes to bonus payout. We've often seen a mismatch in the past," said George McFerran, director for sales and marketing at eFinancialCareers. 

Looking at salaries across the industry, three quarters of respondents (75 percent) reported that their base salary has increased over the past year, of which 29 percent expected their bonus will decrease as a result.

"As we enter further into the new era of financial services we are seeing expectations around compensation align. Over the past couple of years, organisations have struggled to manage the expectations of their staff but we are now seeing their efforts trickle through," added McFerran.

 

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