Singapore bankers work harder than Hong Kong colleagues, for less

Last week, we revealed that financial services staff in Hong Kong were out-earning their Singapore colleagues. The sad reality for Singapore staff is that they're also having to work even harder to earn their keep.

Responses to our 2024/5 salary and bonus survey indicate that the gap in average working hours has widened between Hong Kong and Singapore staff to almost two hours. The former worked 47.2 hours per week in 2024, while the latter worked 49. Because of their comparatively lower pay and higher hours, Singaporean financial services professionals earn over $8 (USD) less per hour than Hong Kong professionals on average.

People are losing more hours to their commute as well as their job. One Singaporean back-office VP said he's "juggling high-stress responsibilities, family commitments, and a lengthy commute, now that we've returned to 5 days in the office." 

31% of Singaporean respondents told us their physical health had decreased, and 39.7% said their mental health had decreased. They rated their physical health 7/10 and their mental health 6.6/10, each below the global average.

That being said, those in Hong Kong don't have it easy. Their respective health scores were higher than Singapore, but below the global average. A higher proportion, 40.7%, said their mental health had decreased. One of the most often cited negatives was the "financial burden" of living in Hong Kong, which one operations VP said is "huge."

The additional hours Singaporean staff are working are seemingly a result of colleagues being cut; multiple respondents report having to take on more responsibilities. An associate, also in operations, said she was in that situation, and that "remaining staff are unable to help," given that they're in the same situation. A macro trading director at a major US bank said their workplace had become "toxic" and was in need of "more headcount."

Our '24-'25 financial services salary & bonus report is available for download now on this page.

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