u/Illustrious-Fee9626

Curious to hear from people working in Singapore banks (local or foreign).

Why do many banks seem to give:
-Annual increments of only low single digits (e.g. 2–4%)
-Promotion increments of around 8–12%
- Yet are willing to offer external hires 20%+ pay increases?

From a business perspective, wouldn’t it be cheaper to retain existing employees who already know the systems, products, stakeholders, and culture instead of paying a premium to hire externally?

Would love to hear perspectives from hiring managers, HR, or anyone who’s worked in Singapore banking.