Biggest Bonuses in Asia for People in Singapore - HR Business Solutions (HRBS) Survey

Submitted by Amit Puri - Managing Consultant, Sandbox Advisors on January 17, 2011 – No Comment

According to a recent poll by human resources consultancy firm HR Business Solutions (HRBS), bonuses for Singaporeans this year are set to be 17% of the annual base pay.

That works out to be about two months’ salary, which is higher than what employees in China (16.7%) and India (15.6%) are getting. Bonuses across Asia this year are also set to rise, with the differential amount between the largest (Singapore’s 17%) and smallest (Japan’s 14.3%) figures at 2.7%. All countries surveyed in the region will see improved bonuses improved this year.

Employees in the fast moving consumer goods sector are likely to receive the largest bonuses at 20%, with healthcare workers next at 19.1%. Those in the chemical industry will only take home 15% bonus payouts as companies tend to be more conservative in such practices.

Despite the good news, how bonuses will be split among Singaporean employees will probably raise some eyebrows, though. The poll showed that the higher your rank is, the bigger your cut.

Median bonuses for company or business heads are projected to be 30% of their base salary, and a function head will receive 20%. Managers, supervisors or professionals will get 15% while general employees will take home 10%.

Elaine Ng, HRBS’ managing principal, said, “Companies have to be competitive to retain their good leaders whose decisions greatly impact the business competitiveness and profitability.”

Ng added, “The higher percentage bonus lends weight to their impact as business leaders and functional heads to do a good job for the company.”

The poll on bonuses, taken last November, surveyed 934 companies in Asia, including 85 in Singapore.

Sources & references: Human Resources Online, HRBS; Topics: Compensation, Salaries, Bonuses

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Amit Puri - Managing Consultant, Sandbox Advisors

Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching, Business and Finance.