What holidays and bonuses are normal in Singapore ?

[Controller]

As I look to make the move I am fairly happy with where I want to pitch salary requirements but what are the usual holiday entitlements and bonus levels ?

Sorry, the industry is investment banking and area is risk / product control (based from FO to global aggregation).

Holidays I can do little about apart from leave requests to travel back to the UK and Thailand to see my family but if I were in London, Frankfurt, even Hong Kong or Tokyo I would know the likely bonus levels. I hear all kinds of stories which I assume are largely for locals in multiples of monthly salaries but I'd like some first or near hand knowledge.

[IB-er]

Holiday entitlement is pretty much fixed based on the bank you work for and your level.  21 days is fairly standard as a starting base.

Bonus-since Controlling isnt exactly a very sexy area to be in, bonus is likely to be 6 months max and that's in a good year.  Be thankful you get 2 months next bonus time.

[wow]

i would have thought that 6 months bonus in finance or operations was pretty sexy in itself!!  certainly not the norm in london.

[what grade]

Bonus levels in terms of % are similar to anywhere else.

Holidays varies but 21 days for below VP, 25 for VP and above seems pretty standard.  If you have kids a new governent law adds a couple of days as well.

Where I am AVP bonuses have seen up to 50% for someone who was on a low base and was highly rated, 20%-30% would be more usual, VP bonuses have topped about 50%-60%.  Directors over 100%, MDs I'll tell you when I make it..  Amount of that in stock though has been increasing.

Locals tend to refer to their bonus in terms of number of months.  Just terminology, westerners tend to use a % of annual.  Makes no difference in terms of actual number.

[what grade]

Should have been topped out (i.e. those are upper range not lower range).

Hope that is clearer.

[As A VP]

My bonus has always been > 100%.  Fortunately, I'm not in controlling. 

[what grade]

Presumably front office then.  Well lets hope you are fortunate enough not to work in credit either or you may see a slight change in your pay and bonus sometime soon.....

My area is somewhat more relevant to OP.

[flantastic]

If you have kids a new governent law adds a couple of days as well.

Which law is this, I would be very interested as I did not hear about this before

[what grade]

I think my employer gives more than the stat minimum (e.g to older age).  Effectively I get two days extra holiday but can't carry it forward.  The age cap is also higher.  Anyway, from MOM...

Childcare Leave

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An employee covered under the Employment Act is entitled to two days of childcare leave per year if:

The child (including legally adopted children or stepchildren) is below seven years of age; and
The employee has worked for the employer for at least three months.
Childcare leave for each parent is capped at two days per year regardless of the number of qualifying children.

Although the Employment Act does not cover managerial, executive or confidential staff, employers are strongly encouraged to extend them the same childcare leave benefits.



Who is eligible for Childcare Leave

Single/divorced/widowed parents are eligible for childcare leave.  However, the leave entitlement will not be doubled.
Fixed-term contract/temporary/part-time employees are entitled to childcare leave, provided an employee has served the employer for a period of not less than 3 months.

Parents of legally adopted children are eligible for childcare leave
Employees covered by the Employment Act but who are non-Singapore citizens or permanent residents are eligible for childcare leave as long as they meet the qualifying criteria of having a child below 7 years of age and an employment period of at least 3 months.  Regardless of nationality, employees covered by the Act can use the statutory benefit to spend time with their children.

Computation of Childcare Leave Entitlement
The leave year for childcare leave will be any 12-month period as agreed by both employer and employee. If there is no agreement, the leave year will be the calendar year by default.

Pro-ration of Childcare Leave for Part-time employees
 
Number of hours a





week which the part-time





employee is required to



Number of hours a

work x 52



day which a similar

__________________

X    2 days of        X

full-time employee

Number of hours a week

   childcare leave

is required to work

which a similar full-time





employee is required to





work x 52







Application of Childcare Leave

An employee has full flexibility to use the childcare leave to spend time with his/her child. A child medical certificate is not required. For example, the employee can use the leave to accompany a child on the first day of school, or care for the child personally should the usual care arrangements fall through.

An employee should give the employer early notice of his/her intention to take childcare leave. Leave is subject to the employer's approval.

The employer should discuss with the employee and mutually agree on a suitable time to take the childcare leave.  If the employee needs the leave to attend to matters that cannot be postponed (e.g. child immunization, school registration), the employer is strongly encouraged to grant the leave.

Childcare leave is not transferable between spouses.  Unused childcare leave by any one party will lapse at the end of each agreed 12-month period.

If the employee changes employer, he will not be able to carry over any unused childcare leave to the new company.  The new company should grant the employee childcare leave according to the statutory requirement after he has worked for him/her for more than 3 months.

Unused childcare leave at the end of the yearly entitlement period will lapse and cannot be encashed.

The childcare leave entitlement is 2 days per year if the employee has worked for at least 3 months with the employer.  There is no prorating of childcare leave entitlement.


Childcare leave cannot be used to offset the notice period for termination of employment. However, if an employee applies for childcare leave during the notice period, the employer is encouraged to grant the leave. The days of childcare leave taken will not add to the notice period.

[Controller]

Thanks for the replies.

Sure, I've seen a lot of local figures relate to months of salary and in certain countries there are unwritten rules of engagement.

As for percentages, then I think it very much depends upon your original base salary and whether you settled for too low an amount. Obviously if you achieved a higher base, your bonus would be a lower percentage, irrespective of how sexy an area you work in !

Historically I'd say 40-75% is a target range. Just more ammunition for the negotiating table.

[NoControl]

Getting 25 days in an IB here. Im at a junior staff level. Funny, there are so many allocated sick days here compared to Oz and the locals take full advantage of them.