Firm’s Commitment to Staff Compensation and Development
KPMG in Singapore has made a significant commitment to employee salary increases, pledging approximately S$25 million to boost compensation across its workforce. As part of this initiative, entry-level professional salaries will see an increase of up to 20%.
The firm, which employs 3,200 people locally, confirmed that most staff members would benefit from these pay raises. In addition, KPMG has announced market-competitive bonuses and a S$30 million investment in a five-year “lifelong learning programme” aimed at developing skills for its workforce.
Ong Pang Thye, the Managing Partner of KPMG Singapore, emphasised that these salary adjustments reflect the company’s recognition of the vital role employees play in driving the success of the business, especially in an evolving professional services landscape.
The pay increases come at a time of heightened business complexity, with greater demands for expertise in areas like tax, audit, and stakeholder relations. KPMG has noted that the salary hikes are part of a strategy to attract and retain talent amidst a competitive job market.
The “lifelong learning programme” will focus on future-oriented skills, including data and digital literacy, and will address key topics such as environmental, social, and governance (ESG) issues, aligning with the firm’s broader goal of equipping employees to meet the challenges of the future.
This pay rise is part of a broader trend in Singapore, where businesses are adjusting compensation to cope with inflation and talent shortages. According to a 2022 survey, employers were planning average pay raises of 3.8% for their employees, with the financial services sector leading with a 4.85% increase. KPMG’s decision reinforces its confidence in Singapore’s economic prospects, following strong global revenue growth.
