KPMG Singapore announced a rather substantial salary adjustment for almost all of its employees, with the starting salary for entry level professional staff reportedly increased by up to 20 per cent. According to a statement by the company, this will cost an additional S$25 million for salary increments in this financial year. KPMG will also pay out market-competitive bonuses, although details were not revealed.
The firm will also invest S$30 million in a lifelong learning program for its 3,200 staff over the next five years. Training will focus on futurist capabilities, harnessing skillsets such as data and digital literacy as well as valuing and creating measurable impact, alongside ESG (Environmental, Social, and Governance) topics.
For the 2022 financial year, S$7 million is already committed for supporting professional accreditations such as the SCA (Singapore Chartered Accountant) and ATA (Accredited Tax Advisor) for its employees. The firm will provide about S$21,000 per employee to cover tuition fees, exam fees and generous paid study leave.
Ong Pang Thye, managing partner, KPMG in Singapore, said, “Investing substantially in our people is really our way of telling KPMG’s staff and all stakeholders that it is critical to recognize the importance of professional services, auditors and advisers to the continued functioning of the financial markets and that the quality of talent is fundamental in delivering outcomes of impact/value as well as meeting stakeholders’ expectations.
The salary adjustment was not that unexpected after KPMG US announced a USD$160 million investment and across-the-board salary adjustments for their employees. Globally, KPMG reported an annual aggregated global revenue of USD$32.13 billion for FY2021.
