Accounting giants KPMG and Deloitte Singapore have announced their plans to increase employee salaries this year.
Source: Google Maps
The announcements come after an Accountancy Workforce Review Committee (AWRC) report discussing ways to attract talent to the accounting industry.
Deloitte and KPMG will implement the salary changes in September and October respectively.
On Friday (10 May), the AWRC released a report detailing ways for accounting firms to bring in more talent.
Established by the Ministry of Finance (MOF), the AWRC presented “key recommendations” such as reviewing pay structures, creating more work-study opportunities for students to gain industry experience, and tailoring accountancy jobs to allow for more meaningful work.
The report also identified issues faced by new accountants. They include lower starting salaries compared to their peers in other sectors, as well as an unpredictable work schedule.
To combat these challenges, Second Permanent Secretary of the Ministry of Finance, Lai Wei Lin, said the recommendations aim to “build and sustain a quality accountancy sector and workforce”, which would ultimately contribute to Singapore’s position as a leading global accountancy and business hub.
Ms Lai also called for the support of those established in the accountancy sector to take on AWRC’s suggestions.
After the release of the AWRC report, KPMG and Deloitte both announced salary bumps in their respective firms.
In a press release on Sunday (12 May), KPMG revealed its S$100 million commitment to salary adjustments and technology expansion over the next five years.
30% of the portion will be dedicated to salary increases for employees across their audit, tax, and enterprise risk services from October 2024, it said.
The following day (13 May), Deloitte stated that it would be increasing the starting pay for first-year audit associates by up to 20%.
Source: Deloitte Singapore on Google Maps
From 1 Sep this year, Deloitte’s first-year hires under the company’s accelerated audit career program will receive a starting monthly salary of S$4,500.
First-year hires not under the accelerated program will get a starting monthly salary of S$4,100.
In addition, Deloitte said it will also invest S$62 million in providing professional training and courses to support its audit talent.
Also read: Minimum qualifying salary for Employment Pass applicants raised to S$5,600 from Jan 2025
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Featured image adapted from Nikada on Canva.
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