Quote:
Originally Posted by Unregistered
Agree that payscale higher because of the fold in bonus. As for benchmarked against financial sector, that might not be true. Bonus has dropped drastically which makes the overall compensation less attractive when compared to financial sector. Even when industry rebounced from covid, there is no review in salary package.
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MAS benchmarked against I think middle/back office of financial sector and set the benchmark at a certain percentile (e.g. 70%). Cannot compare with front office salary figures.
MAS is a good place to 'take shelter' in during stormy days like this. U sacrifice some moolah for security. But when the weather is fine and FIs are paying top money outside,
MAS will be slow to revise compensation upwards and there will be a cap.
A typical civil/public service way of benchmarking to make sure they are following salary trends but not paying top money (at 90-100% percentile) like FIs outside.
Because need to make sure it has financial prudence of a govt agency. And govt agency are not money making entities.
MAS investments goes back into state coffers. Unlike FIs where employees will get a cut of the earnings.