Firm's new workforce investment to cover upskilling programmes, technological advancements
KPMG in Singapore has announced that it will raise its employees' salaries in October 2024 in a bid to attract and retain more staff.
The firm announced a S$30-million investment for the salary hike, which will cover employees in its Audit, Tax, and Enterprise Risk Services.
According to KPMG, the move is part of its efforts to "build and sustain a high-quality talent pipeline."
"This highlights the firm's resolve to offer a compelling remuneration framework in the face of fierce competition for skilled professionals, while aligning with latest developments for the profession such as the recommendations from the Accountancy Workforce Review Committee," KPMG said in a statement.
Meanwhile, KPMG's audit professionals with certain certifications will also be getting salary enhancements starting October 2024.
These certifications include those from the Association of Chartered Certified Accountants or CPA Australia, and tax professionals with the Accredited Tax Practitioner certification.
"This reflects the firm's commitment in rewarding a broad spectrum of professional accreditations and qualifications that enhance the capabilities of its workforce," KPMG said.
The announced salary hike is part of KPMG in Singapore's major investment of over S$100 million in the next five years for its employees.
More than S$25 million from the investment will be allocated to comprehensive training and upskilling programmes for employees, according to KPMG.
Around S$50 million will be towards technological advancements, such as the development of emerging technologies and generative artificial intelligence, it added.
"In response to the evolving dynamics within the accounting profession and the broader challenges presented by macro-economic uncertainties, regulatory changes, and the growing significance of emerging technologies and ESG factors, KPMG's strategic investment in competitive salaries, technological advancements, and comprehensive training initiatives aims to support our people in navigating these complexities," said Lee Sze Yeng, managing partner at KPMG in Singapore, in a statement.
"It underscores our commitment to talent development, quality assurance, and our determination to elevate industry standards, thereby enriching the profession and ensuring we stay ahead in this intricate business landscape."
