For a second year running, Singapore banks OCBC and UOB will give one-off payments to their junior employees to help alleviate cost-of-living pressures, the two banks said on Monday (Dec 23).
CNA reported that OCBC announced in a news release on Monday that it would be making the payment in 2025, with a total estimated payout of S$7.5 million (US$5.54 million) helping close to 11,000 employees across OCBC and its subsidiaries, including Bank of Singapore and OCBC Securities. Specifically in Singapore, about 4,000 junior employees will receive S$1,000 each, including new entrants to the workforce and unionised employees. This represents close to 40 per cent of the total number of employees based in Singapore.
The bank said that for its employees outside Singapore, the one-off support takes into consideration the respective local market conditions. Eligible employees can expect to receive the payout from February to April 2025.
In response to CNA's queries, UOB said on Monday that it will provide its junior employees with an extra month of bonus to help them cope with their day-to-day expenses.
"This additional bonus of up to S$8 million for about 6,000 eligible employees across the group will be paid out by April 2025," said UOB's head of group human resources Dean Tong.
"We are cognisant that even though inflation rate has moderated, cost of living remains elevated," he added.
When asked if DBS would be providing a one-off bonus to its employees, it said: "DBS is committed to ensuring our employees are well-supported through our holistic employee value proposition.
"We also constantly review our employee compensation to ensure it is competitive to the market."
