Finance professionals here upbeat on bonus

PHOTO: Finance professionals here upbeat on bonus

Singapore-based finance professionals are among the most confident in the world that they will get a bonus this year, a new survey shows.

The study by human resource consultancy eFinancialCareers, which polled 987 finance professionals here last month, found that 72 per cent of them believed they will receive a bonus.

The only respondents more optimistic than them were those in Hong Kong and Germany - 83 per cent of them said they expected a bonus payout. In the United States, Britain and the Middle East, the numbers ranged from 59 per cent to 61 per cent.

The most common reason given for expecting a bonus was personal performance - 34 per cent cited this as the primary reason.

Half of the Singapore-based bank executives polled also expect their bonus payouts to be higher this year than last year, while 28 per cent expect their bonuses to stay at the same level.

Mr George McFerran, eFinancialCareers' Asia-Pacific managing director, said it remains to be seen whether these bank executives' expectations will match the payouts.

"The expectations of financial services professionals reflect a market that grew in confidence following good first-half industry results. However, bonus payouts still depend somewhat on a positive close to the year," he said. "What's interesting is that in the third quarter, some organisations have had a difficult time and have reduced bonus pools."

Including base salaries and bonuses, 59 per cent said they expect to be paid more this year than last year, while 27 per cent expect to receive the same level of compensation.

Some 75 per cent of the respondents said their basic salaries rose in the past year and 50 per cent said they expect their pay to rise further in the next six months. Of these, 76 per cent expect a rise of up to 10 per cent.

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