Our Governance
Remuneration report
Fair and responsible remuneration over the last 40 years
Our approach to rewards and benefits has transformed from a compliance-driven, tenure-based system to a comprehensive Total Rewards model that aligns with employee performance and well-being. This evolution reflects our commitment to attracting and engaging talent by integrating recognition, development opportunities, and a focus on holistic employee growth.
Over the years, the Fund’s approach to rewards and benefits has evolved from a primarily compliance-driven and tenure-based system to today’s holistic, performance-aligned Total Rewards model. In 2004, the focus was on fixed salary grades, basic medical cover, and long-service recognition.
By 2012, performance-linked salary notching and enhanced benefits such as structured housing and vehicle loans were introduced, along with broader medical coverage. By 2017, the Fund had fully embraced a strategic framework linking pay to performance and market trends, incorporating structured career development tools such as job evaluation, and expanding recognition through bonus schemes.
Today, the Fund leverages the five Total Rewards strategic elements—compensation, benefits, well-being, careers, and recognition—to attract, motivate, and engage employees in achieving its mandate. In line with the best global practices, we conduct annual remuneration surveys to remain aligned with market compensation trends. This ensures fairness, competitiveness, and regulatory compliance, while enabling us to benchmark pay packages effectively to retain top talent.
Beyond remuneration, the Fund recognises that modern Total Rewards must address the full spectrum of employee well-being and growth. We provide tailored benefits and development opportunities designed to enhance both skills and potential, thereby boosting earning capacity and career progression. These include diverse training platforms, support for degree programmes, and professional qualification initiatives that not only strengthen organisational capability but also enrich the personal growth of our people.
This evolution mirrors the broader global shift in Total Rewards, moving from a narrow focus on pay and compliance to a flexible, employee-centred approach that integrates recognition, well-being, and continuous development. It reflects our deliberate commitment to fairness, competitiveness, and the holistic engagement of our workforce as essential levers for delivering the Fund’s long-term objectives.
Our compensation framework aligns with the Fund's strategic objectives, linking remuneration to individual and business performance. This approach fosters a culture of excellence, driving the realisation of our strategic goals.
The Fund’s Remuneration Policy at a glance
Reward objectives
Attract
- Enable recruitment of the right people
Reward principles
Competitive
- Competitiveness on a total reward basis is assessed
- Rewards reflect role, experience, performance, and contribution
- Rewards are set with reference to external market practices and internal relativity
Reward objectives
Motivate
- Incentivise employees to deliver and execute strategy
Reward principles
Simple
- Reward is simple, clear, and easy to understand
- Unnecessary complexity is avoided
- Rewards are delivered accurately
Reward objectives
Recognise
- Acknowledge individual contribution and performance
- Create member value and support the achievement of business strategy
Reward principles
Fair
- Policies are transparent and applied consistently
- Reward decisions are trusted and properly governed
- Reward is legal and compliant
Reward objectives
Wellness
- Employee well-being is a priority for us
Reward principles
Energised
- Family health support
- Comfortable and modern working environment
- Work like balance
- Coaching, mentoring, and counselling support
Reward objectives
Retain
- Foster loyalty and retain high-performing employees
Reward principles
Sustainable
- Flexible reward framework to meet changing business and economic needs
- Rewards are administered responsibly
Compensation components
The Fund’s pay structure encompasses a variety of elements, including fixed pay, performance-based increments, and variable pay.
Fixed pay
The Fund's fixed pay range is linked to an approved grading system, ensuring fairness, competitiveness, and internal equity in employee compensation.
Performance based increments
Performance-Based Increments (PBI) link pay progression to individual performance assessments. Increments are consolidated into basic pay and vary based on appraisal results, grade positioning, and the pay increment budget. The PBI increases with performance and decreases as one’s pay moves towards the maximum of the grade, as shown below.
Position in range |
|||||
|---|---|---|---|---|---|
| Performance Rating | Q1 | Q2 | Q3 | Q4 | Above max |
Performance Rating A+ |
Q1 8.32% |
Q2 6.45% |
Q3 3.73% |
Q4 2.35% |
Above max 0.00% |
Performance Rating A |
Q1 6.90% |
Q2 4.97% |
Q3 2.48% |
Q4 2.24% |
Above max 0.00% |
Performance Rating B |
Q1 3.11% |
Q2 2.48% |
Q3 1.24% |
Q4 1.12% |
Above max 0.00% |
Performance Rating C |
Q1 0.00% |
Q2 0.00% |
Q3 0.00% |
Q4 0.00% |
Above max 0.00% |
Performance Rating D |
Q1 0.00% |
Q2 0.00% |
Q3 0.00% |
Q4 0.00% |
Above max 0.00% |