Q: Big4 - Yearly salary increment

Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from Sept 1. First-year hires joining the firm under its FasTrack programme – Deloitte’s accelerated audit career programme for accountancy graduates – will have a starting salary of $4,500.

s://.theedgesingapore.com/news/company-news/graduates-joining-deloitte-singapore-auditors-will-have-starting-monthly-salary

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Who is eligible
To qualify for EP applications, candidates will need to pass a 2-stage eligibility framework:

Stage 1
Earn at least the EP qualifying salary, which is benchmarked to the top 1/3 of local PMET salaries by age.

Stage 2
Unless exempted, pass the points-based Complementarity Assessment Framework (COMPASS).

Note:
Candidates who do not meet stage 1 will not be eligible for an EP, regardless of the points they would have scored under COMPASS.

The 2-stage eligibility framework applies to new EP applications from 1 September 2023, and renewals of EPs expiring from 1 September 2024

s://.mom.gov.sg/passes-and-permits/employment-pass/eligibility

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Huh? So the increment is due to MOM EP rules but not genuinely wanting to increase pay for A1 associates or attract local uni graduates????

Both MOM and Deloitte date - 1 September 2023 is too coincidence ...

Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from Sept 1. First-year hires joining the firm under its FasTrack programme – Deloitte’s accelerated audit career programme for accountancy graduates – will have a starting salary of $4,500.

s://.theedgesingapore.com/news/company-news/graduates-joining-deloitte-singapore-auditors-will-have-starting-monthly-salary

----------------------------------------------------------------------------------------------------

Who is eligible
To qualify for EP applications, candidates will need to pass a 2-stage eligibility framework:

Stage 1
Earn at least the EP qualifying salary, which is benchmarked to the top 1/3 of local PMET salaries by age.

Stage 2
Unless exempted, pass the points-based Complementarity Assessment Framework (COMPASS).

Note:
Candidates who do not meet stage 1 will not be eligible for an EP, regardless of the points they would have scored under COMPASS.

The 2-stage eligibility framework applies to new EP applications from 1 September 2023, and renewals of EPs expiring from 1 September 2024

s://.mom.gov.sg/passes-and-permits/employment-pass/eligibility

----------------------------------------------------------------------------------------------------


Huh? So the increment is due to MOM EP rules but not genuinely wanting to increase pay for A1 associates or attract local uni graduates????

Both MOM and Deloitte date - 1 September 2024 is too coincidence ...???

EDGE:
Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from 1 September 2024. First-year hires joining the firm under its FasTrack programme – Deloitte’s accelerated audit career programme for accountancy graduates – will have a starting salary of $4,500.

The move is in support of the Accountancy Workforce Review Committee set up by the Ministry of Finance on May 10. It also stems from the government’s plans to strengthen the attractiveness of the accountancy sector and grow Singapore’s pool of skilled accounting professionals.

MOM:
For EPs expiring from 1 September 2024, in addition to meeting the EP qualifying salary, they will also need to pass COMPASS to get their pass renewed.


Is the move to increase graduates' salaries in support of the Accountancy Workforce Review Committee initiated by the Ministry of Finance genuine, or is it primarily motivated by compliance with the EP rules set by MOM?

I would appreciate insights from HR experts on this matter.

If it's the latter, I would find it very disgusting.

EDGE:
Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from 1 September 2024. First-year hires joining the firm under its FasTrack programme – Deloitte’s accelerated audit career programme for accountancy graduates – will have a starting salary of $4,500.

The move is in support of the Accountancy Workforce Review Committee set up by the Ministry of Finance on May 10. It also stems from the government’s plans to strengthen the attractiveness of the accountancy sector and grow Singapore’s pool of skilled accounting professionals.

MOM:
For EPs expiring from 1 September 2024, in addition to meeting the EP qualifying salary, they will also need to pass COMPASS to get their pass renewed.


Is the move to increase graduates' salaries in support of the Accountancy Workforce Review Committee initiated by the Ministry of Finance genuine, or is it primarily motivated by compliance with the EP rules set by MOM?

Why does the salary increment effective date fall on 1 September 2024 and align with the MOM EP renewal date 1st September 2024?

I would appreciate insights from HR experts on this matter.

If it's the latter, I would find it very disgusting.

Originally Posted by Unregistered

Anyone know whether these pay adjustments will flow to seniors.

I am honestly quite tilted by all these adjustments. Not sure if I am the only one. The fact that they can adjust so aggressively is because they have been underpaying everyone so freaking long. When I first joined audit just years ago, it was at 3k. Now suddenly can offer 4.1k, 4.5k. For S1, even their current pay only 4.8k? Freaking ridiculous. You want to up like this and not flow to senior then ask your A1 lead the engagements

It's a $300 difference. Hahaha, many of the seniors are tilted.

I guess many will resign. senior takes up too much responsibility for the few hundreds.

Originally Posted by Unregistered

EDGE:
Graduates joining Deloitte Singapore as auditors will have a starting monthly salary of $4,100 from 1 September 2024. First-year hires joining the firm under its FasTrack programme – Deloitte’s accelerated audit career programme for accountancy graduates – will have a starting salary of $4,500.

The move is in support of the Accountancy Workforce Review Committee set up by the Ministry of Finance on May 10. It also stems from the government’s plans to strengthen the attractiveness of the accountancy sector and grow Singapore’s pool of skilled accounting professionals.

MOM:
For EPs expiring from 1 September 2024, in addition to meeting the EP qualifying salary, they will also need to pass COMPASS to get their pass renewed.


Is the move to increase graduates' salaries in support of the Accountancy Workforce Review Committee initiated by the Ministry of Finance genuine, or is it primarily motivated by compliance with the EP rules set by MOM?

Why does the salary increment effective date fall on 1 September 2024 and align with the MOM EP renewal date 1st September 2024?

I would appreciate insights from HR experts on this matter.

If it's the latter, I would find it very disgusting.

My firm is lacking local associates because many have resigned. Perhaps it could work both ways to attract local graduates, and if not possible, transfer associates from the Big 4 firms in Malaysia to Singapore

Originally Posted by Unregistered

It's a $300 difference. Hahaha, many of the seniors are tilted.

I guess many will resign. senior takes up too much responsibility for the few hundreds.

It is really complete ********. especially for the current senior population that survived their crap ass 4-5k salary while gaslighting us to tell us they are 'competitive'

Originally Posted by Unregistered

Wool is always on the sheep

Bruh the current seniors in SG are all Malaysians from KL or JB branch anyway. Might as well let them stay in KL or JB and pay them 2k SGD.

Huat ah senior cover mountain cover sea kan by managers kan by clients kan by incompetent gen z associates only gets $300 more than the incoming peeps. Shake leg pang gang zhun zhun at 6pm go meet friends happy hour can get $4.5k, limpeh going to go to my mentor and ask them to downgrade me to associate rank for next promotion cycle liao

Originally Posted by Unregistered

Huat ah senior cover mountain cover sea kan by managers kan by clients kan by incompetent gen z associates only gets $300 more than the incoming peeps. Shake leg pang gang zhun zhun at 6pm go meet friends happy hour can get $4.5k, limpeh going to go to my mentor and ask them to downgrade me to associate rank for next promotion cycle liao

It’s a demotivating news for the seniors lol. i wonder if anyone is going to put in effort anymore