Revision 02: updated on April 23, 2024
For a total of 7 years employment in my current company, I received 50.59% pay increment and 26.39 months bonus.
Pay increment and bonus payout. This is the most important career topic in Singapore, isn't it ?
I am in healthcare life science industry, bio-medical instrument in particular. That says, you deal with instruments with electronic components, printed circuit board assemblies (PCBA), cablings, mechanical parts, housings, LCD display, etc.. She is in architect industry, working with developers, government agencies. My pay increment and bonus are announced in March every year while hers are revealed in August.
Below are our pay increment and bonuses for the past 5 years.
In short, for total of 5 years, I received 26% pay increment and 20 months bonus while she received 30% pay increment and 18 months bonus.
For my company, pay increment is rather straightforward.
If you are performing just all right, you get 2-4% pay increment.
If you are at the top tier performer, the 6% is the maximum you can get.
I am a little disappointed that I have not received promotion for the past 5 years but that's okay. I love my current job. I wonder what's the pay increment for the promotion, 10% , 15%? Hopefully, I will know one day.
As for the bonus payout, I am satisfied. By far, this is the best payout compared to my previous two companies. Not every companies give employee stock option, hence, this shall be considered as additional bonus only when you sell the stock and lock in the profit, else it is just paper profit.
My wife got very little pay increment or 0% pay increment with the HR excuses of hitting the salary cap. If so, why not just do a promotion and increase the salary cap to the next tier? Nevertheless, with little pay increment or no pay increment each year, she was rewarded hugely with big bonuses (sometimes bonus is even better than pay increment! Do the math!). She quit the job with 19+% pay increment but the bonus is significantly lower.
We both love our job. We both enjoy the work-life-balance too.
No complaint, we are satisfied.
We are ready to continue to work for the next 23 years! : )
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