Remuneration Report

The context for remuneration in 2022

The Fund’s financial performance for FY 2021/22 reflects very respectable results in all the metrics we measure during the execution of our strategy.


We continued to create positive impacts by delivering against the United Nations Sustainable Development Goals (SDGs) and we continued with the journey to demonstrate what we are delivering regarding the environment, social and governance (ESG) initiatives.


Whilst pursuing our strategic and operational objectives, we are fortunate to have very committed, resilient and skilled employees, who work diligently to support our members and the economy.

Fair and responsible remuneration

In addition to monetary rewards, the Fund provides employees with additional benefits to enable them re-skill and up-skill. In time, this translates into higher productivity and higher remuneration opportunities.

During the Covid-19 pandemic, remuneration was a key focus, and the Fund made an early decision not to either retrench or subject any of its staff to remuneration cuts.

Remuneration Structure

The Fund’s reward structure is aligned to the organisational strategic objectives and performance, which is in turn directly linked to individual performance, thereby promoting a high-performance culture.

It is aimed at attracting, motivating, recognising, and retaining talented individuals. To determine the remuneration of employees, the Fund conducts salary surveys every year to ensure that it attains its objective of reaching the 75th percentile in the salary market (June 2022: 50th percentile). This is aimed at attracting, motivating, and retaining high calibre staff needed to deliver on the Fund’s strategic objectives.

During the Covid-19 pandemic, remuneration was a key focus, and the Fund made an early decision not to either retrench or subject any of its staff to remuneration cuts.

The Fund's remuneration policy at a glance

Reward objectives


  • Enable the Fund to recruit the right people


  • Incentivise employees to deliver and execute strategy


  • Acknowledge individual contribution and performance
  • Create member value and support the achievement of business strategy


  • Foster loyalty in the Fund
  • Retain high-performing employees

Reward principles


  • We assess competitiveness on a total reward basis
  • Reward reflects an individual’s role, experience, performance, and contribution
  • Reward is set with reference to external market practice and internal relativity


  • Reward is simple, clear, and easy to understand
  • Reward is delivered accurately


  • Policies are transparent and applied consistently and equitably
  • Reward decisions are trusted and properly governed
  • Reward is legal and compliant


  • The reward framework is flexible to meet the changing needs of the business and the economy
  • We reward in a responsible way

The Fund’s pay structure may include any or all the following: fixed pay, performance-based increments, and variable pay.

Fixed pay

The Fund has developed a fixed pay range that is linked to an approved grading system. This is aimed at ensuring that remuneration is fair and competitive and that there is internal equity and consistency within the Fund.

Performance-based increments

Performance-based increment (PBI) is a method of remuneration used by the Fund to ensure appropriate reward for performance. It links pay progression to an assessment of individual performance measured against pre-agreed objectives. Pay increases awarded through PBI are normally consolidated into basic pay. The increments are based on the appraisal results for the year, the positioning of everyone in the pay grades, as well as the pay increment budget for the year.

The PBI increases with performance and decreases as one’s pay moves towards the top of the grade, as shown below:

During the Covid-19 pandemic, remuneration was a key focus, and the Fund made an early decision not to either retrench or subject any of its staff to remuneration cuts.
Performance Rating Position in Range
Performance Rating Position in Range Q1
Above max

Variable pay

The Fund also has annual incentives in the form of bonuses paid to qualifying staff. Bonus pay is a one-time lump-sum payment, and the objective is to recognise and reward employees’ contributions, retain exceptional and very good performers, motivate staff, and increase productivity. Individual employee bonus awards are based on prior agreed and reviewed performance and on the overall contribution to the Funds’ results for the year in question.


The Fund provides benefits in line with market practice and regulatory requirements. The Fund provides medical insurance cover and death benefits to all Fund employees and their dependents. In addition, a retirement benefits scheme “Staff Provident Fund” is provided to all permanent staff and an “Annual Service Award” is provided to temporary staff, whereas a “Gratuity Scheme” is provided for the Executive Committee (EXCO). This is aimed to motivate and prepare staff for retirement.

Recognition policy

The Fund recognises and rewards individuals and groups of staff who make an exceptional (sustained or one-off) contribution that promotes the aims and objectives of the Fund or meets exceptional shorter-term operational challenges. The award(s) can be given to a “Group” or an “Individual” and is(are) both financial and non-financial.

Long service incentive

Although service may not necessarily automatically contribute to performance, the Fund does value the commitment and loyalty of long-serving employees. This is done in the form of a long service award. These awards recognise service in 5-year bands, starting with service from 10 years and then continuing with awards every 5 years.

Remuneration of statutory appointees

The remuneration package and long-term incentive for the Managing Director and Deputy Managing Director are determined on the same basis and using the same qualifying criteria as for other employees. The appointee’s remuneration is subject to an annual performance review. This package is approved by the appointing authority, which is the Ministry of Gender, Labour, and Social Development.