KPMG in Singapore is part of a global network of independent professional services firms providing Audit, Tax and Advisory services. We operate in 146 countries and territories and in FY20 had close to 227,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.
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- KPMG in Singapore's latest pay adjustments and investments in a lifelong learning programme is in recognition of and a bid to contribute to the profession's critical need to attract and retain top talent.
- Majority of employees to see their pays adjusted. In particular, starting pays for entry level professional staff will increase by up to 20 percent.
- About S$25 million invested this financial year into pay raises to recognise quality of talent and delivery.
- Market-competitive bonus pay-outs to be expected
- S$30 million investment into the lifelong learning of employees over the next five years
- Technology investments doubled in 2022 for the Future of Work
SINGAPORE - Media OutReach - 19 May 2022 - KPMG in Singapore announced today salary adjustments for the majority of its Singapore employees. In particular, the starting pays for entry level professional staff will increase by up to 20 per cent. On top of the S$25 million the firm is investing this financial year into salary increments, the firm will also pay out market-competitive bonuses. KPMG in Singapore is also investing in a multi-million-dollar (S$30 million) lifelong learning programme for its 3,200-strong local workforce as it continues to lead the market in cross-sector trends and transformative expertise.
This move by the Singapore office of the global firm comes as demand by companies for quality advisors rises significantly – highlighting the pivotal role that professional services firms will continue to play in the future landscape for businesses. Integral to this is the profession's ability to attract and retain top talent within and outside the profession who can solve complex problems and deliver the effective and impactful outcomes demanded by businesses today.
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 recognise 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. With digitalisation, sustainability agenda and global geopolitical tensions, the complexity of problems has doubled – requiring higher precision and foresight, with innovative outcomes to keep enterprises resilient amid uncertainties. We do not take for granted the pivotal role that each employee plays in creating measurable change that betters life for countries, companies and communities."
Pay raises and bonus pay-outs recognise quality of talent and delivery of outcomes
These latest round of salary adjustments will benefit the majority of staff and comes alongside firm-wide annual increments that are in-step with or ahead of market. The firm will also continue to pay out bonuses competitively at the market rate despite global geopolitical and economic uncertainties.
The strong showing for compensation and rewards signals KPMG's continued confidence in Singapore's economic outlook. It is also reflective of the firm's steady expansion of its business globally. In FY21, KPMG reported annual aggregated global revenues of US$32.13 billion - a 10 per cent growth in US dollar revenue from FY20.
The pay hike is timely as industry baseline standards are lifted for professional services, given the increase in complexity of businesses. This comes in the form of evolved tax and audit requirements and legislations today, along with widening stakeholder expectations for quality advisory, tax and audit expertise in areas that require deeper sectorial expertise and subject matter knowledge, along with an ability to integrate technological and ESG considerations as well as other non-traditional areas.
KPMG in Singapore has been leading the market in raising salaries for audit and tax employees who attained the Singapore Chartered Accountant (SCA) qualification or Accredited Tax Advisor (ATA) qualification. This 20 per cent pay adjustment, which was the first such move in the industry, is already in place. Eligible staff with these qualifications will continue to enjoy market-leading total salary.
Multi-million-dollar commitment for Lifelong Learning
As an industry thought leader, KPMG in Singapore is also investing about S$30 million into lifelong learning programme over the next five years to groom its talent as it continues to lead insights, discourse and developments for future trends. Training will focus on futurist capabilities, harnessing skillsets such as data and digital literacy as well as valuing and creating measurable impact, alongside ESG topics. These are all aimed at ultimately delivering quality business outcomes for enterprises, industries and communities.
The firm also supports its audit and tax employees towards professional accreditations such as the SCA and ATA, investing about S$21,000 per employee in tuition fees, exam fees and generous paid study leave. To date, the firm has already committed at least $7 million in such sponsorship for FY22.
Beyond this, KPMG will also be equipping employees with multidisciplinary skills and knowledge to tackle emerging challenges in ESG and digital transformation. Last year, the firm announced investments of more than US$1.5 billion over the next three years to embed ESG competencies throughout the global organisation. The investment focuses on ESG training for KPMG's 236,000 global workforce to empower employees to be agents of positive change. KPMG has partnered two leading global academic institutions – the University of Cambridge Judge Business School and NYU Stern Executive Education – for this initiative. Employees also have unlimited access to over 16,000 courses across business, innovation and technology and have opportunities to put learning into action.
Technology investments doubled for the Future of Work
KPMG in Singapore is also doubling its technology investments in 2022. Aside from empowering its employees to co-create digital assets with clients and industries, the firm is implementing the future of work in its new office space later this year. State of the art technologies will be in place to facilitate enhanced collaboration through virtual, hybrid or physical meetings and work arrangements.
KPMG's efforts in delivering a strong employee value proposition for talent growth and wellbeing have led it to be consistently ranked as a top employer in Singapore. In 2022, the firm was recognised as one of Singapore's Best Employers 2022, an annual ranking by The Straits Times and global data firm Statista. In 2021, LinkedIn also named KPMG as a top 15 Singapore Company in Singapore. Among these accolades and others, the firm has been highlighted as a great place for employees to build a professional foundation that sets them up for success at their work and beyond. This includes opportunities for career development, atmosphere at work, working conditions, workplace, salary, equity and diversity.
As companies experience increasing complexity in the years ahead, KPMG in Singapore will continue to stand by its values-driven and purpose-led approach to create a meaningful and positive difference for employees, clients and our communities.
About KPMG in Singapore
06 April 2022
23 March 2022