Salary levels in financial services industry projected to grow by 5.9%

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The turnover rate in Malaysia’s financial services industry has climbed to a high of 14%, according to the 2014 Financial Services Total Rewards Survey by Towers Watson. This year, more than 130 financial institutions across several sectors participated in the survey.

The survey highlights that the overall salary increase in the local financial services industry in 2014 was 5.3%, and is projected to grow to 5.9% in 2015. The survey also revealed that the insurance sector budgeted for the highest salary increment at 5.7% in 2014 and is expected to grow to 6% in 2015. The banking industry was reported to have increased salaries by 5.3% this year, with an outlook of 5.8% next year.

The survey also found that employees in Malaysia’s financial services industry received a performance-based bonus of 3.3 months in 2014. However, strong performers could receive up to five months of performance-based bonus.

Entry-level salaries for new graduates remain at RM2,500 to RM3,000 a month. However, entry-level salaries for the insurance industry increased 4% to 7% from 2013.

Besides sales and marketing jobs, investment banking and financial service support jobs are also in demand.