UOB freezes hiring, pay as outlook dims

The hiring freeze will last until December 2021.
UOB has imposed a freeze on hiring, pay and promotions as it braces itself for decline in earnings amidst the pandemic, reports Bloomberg.
The bank said that it expects the outlook to worsen before eventually improving when the government slashes some of its support, an internal memo said.
The hiring freeze will last until December 2021, and any exceptions will need senior approval. Salary increases and promotions will be put on hold until further notice.
UOB “must take a disciplined and selective approach to any new headcount increases,” human resources head Dean Tong said in response to inquiries. The bank will continue “investing in and hiring for roles essential for our strategic priorities,” he added.
Here’s more from Bloomberg.