Bonuses in financial services in Singapore are down and high-earning bankers suffered the worst decreases according to a report named Bonus Report 2012: Paying bonuses in a challenging job market by eFinanceCareers. The report is based on a recent eFinancialCareers survey which examines 2011
bonuses in Asia Pacific for finance professionals who are bonus eligible and know the
amount of their payment.
But although the outlook does not look bright, a significant minority (29%) has bonuses inreases. This is due to the strong Q1 and Q2 results which were before things started to go down in Q4. But 34 per cent of financial services employee reported bonus decreases and only 22 per cent said their bonuses stayed same. Looking at country differences, finance professionals in Singapore did not fare quite as well as their counterparts in Australia, Hong Kong and China, with 34% saying their bonus fell.
44 per cent of the financial services employee reported that their bonuses were below expectation and 37 per cent said that the bonuses were within expectation.
Bonuses at top fell most in Asia Pacific region:
"Top earners across Asia Pacific experienced the highest decrease when comparing 2011 with 2010. Those in the upper base-salary quintile (ie the top 20%) were much more prone to report a decline in bonus (47%) than those in the bottom quintile (29%). These employees are most likely to have earned excessive 2010 bonuses, and with many firms now in a costconscious mood, reducing their payments for 2011 is a quick way to reduce expenditure. “It’s a cost issue,” says Chris Jay, managing director, Morgan McKinley Singapore. “If you usually pay someone who’s on $400k a year a six month bonus, that’s a lot of money which you could potentially save.” "
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