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Singapore bankers take home less than HK peers in 2023: Report
The Straits Times
|April 29, 2024
Some banking professionals in Republic suffer harshest cuts in the Asia-Pacific
Hong Kong bankers enjoyed higher base salaries and bonuses in 2023 compared with their peers in Singapore, some of whom suffered the harshest cuts in the Asia-Pacific.
In Hong Kong, the average bonus of a vice-president in a bank rose 60 per (S$99,000) cent to US$72,131 in 2023, US$45,058 in 2022.
from But in Singapore, a similarranked banker suffered a 40 per cent cut to US$43,539 in 2023, from US$71,721 in 2022, according to a compensation report from eFinancialCareers, a financial services careers platform.
Their base salaries also differed, with vice-presidents in Hong Kong earning an average of US$163,934 and those in Singapore, US$152,446.
"All tiers of the Hong Kong finance hierarchy enjoyed higher bonuses than the previous year...
Singapore bankers had a very different experience," the report said, noting that lower-ranking bankers in the Republic were more protected from cuts.
Junior bankers in Singapore saw their average bonus cut by 2.2 per cent, while the more senior directors took a 36 per cent cut, the harshest falls in the Asia-Pacific region, which saw a 0.2 per cent rise in average bonuses.
This story is from the April 29, 2024 edition of The Straits Times.
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