KPMG to commit over $100 mil in salary adjustments, tech and growing talent

The investment will be made over the next five years.

KPMG in Singapore says it will be committing over $100 million to make salary adjustments, technology and learning for its over 3,500 employees over the next five years.

The salary increases will be for eligible employees across KPMG Singapore’s audit, tax and enterprise risk services effective from October. The salary adjustments marks the second increase in two years, says the consultancy firm. It also aligns with the latest developments for the profession including recommendations from the Accountancy Workforce Review Committee.

Of the total sum, some $30 million is expected to “substantially benefit” staff up to the manager level.

Another $50 million will be used in making technological advancements including the development of emerging technologies and generative artificial intelligence. The investments are said to enable KPMG Singapore’s employees to undertake more tasks that are strategic and of value. Some initiatives introduced by the firm include KPMG Clara, a cloud-based platform for audit, and the Digital Gateway for Tax facilitating compliance reporting alignment.

About $25 million will also go towards comprehensive training and upskilling programmes for employees. The programmes will cover topics such as artificial intelligence (AI), data literacy, analytics, as well as environmental, social and governance (ESG).

"In response to the evolving dynamics within the accounting profession and the broader challenges presented by macro-economic uncertainties, regulatory changes, and the growing significance of emerging technologies and ESG factors, KPMG’s strategic investment in competitive salaries, technological advancements, and comprehensive training initiatives aims to support our people in navigating these complexities,” says Lee Sze Yeng, managing partner of KPMG in Singapore.

“It underscores our commitment to talent development, quality assurance, and our determination to elevate industry standards, thereby enriching the profession and ensuring we stay ahead in this intricate business landscape,” he adds.