HRSINGAPORE Community Discussions
Allowances for Long Service Award
Hi Fellow HR Practitioners,
May I know Company practices for long service award?
My Company give the following allowances:
- 5 years: $1,000
- 10 years: $1,500
- 15 years: $2,000
- 20 years: $3,000
- 25 years: $5,000
- 30 years: $8,000
Is the above below market rate?
Look forward to your kind advise.
We are in Finance Industry. Our long service award as follows:
· 10 years: S$1,000
· 15 years: S$1,500
· 20 years: S$2,000
· 25 years: S$2,500
· 35 years: S$3,500
· 40 years: S$4,000
There’s no market rating for these. In the Army, I just got an orange tag for my uniform and a cert.
Now in private sector, I received $3000 holidays and a gold, plus a crystal trophy for 10 years’ service. 15 years might changed to a branded watch or pen etc depending on the boss.
Our company gives:
5 yrs - $500
10 yrs - $1000
15 yrs - $1500
20 yrs - $2000
And so on…. Plus $500 every subsequent 5 years.
Your current Company Long Services Awards is very premium, and Company had a good budget for it, why not? Below is the example long services awards that you may want to refer and I believe is reasonable to both employer and employee.
- 5 years: $ 500
- 10 years: $1,000
- 15 years: $1,500
- 20 years: $2,000
- 25 years: $2,500
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