Maybank to give junior staff $1,250 to ease cost-of-living pressures
Maybank Singapore announced a one-time payout of $1,250 for junior employees to defray rising living costs.
PHOTO: AsiaOne/Danial Zahrin
PUBLISHED ONFebruary 28, 2025 3:41 AMByDana LeongJunior staff at Maybank Singapore will receive a one-time payment of $1,250 to help them cope with rising living costs, according to a statement released by the bank on Friday (Feb 28).
All junior employees, specifically those of officer and below ranks, will be eligible for the payment. The payment is also applicable to all Maybank entities including Maybank Singapore, Etiqa Insurance Singapore, Maybank Asset Management Singapore and Maybank Securities Singapore.
The bank told AsiaOne that the one-time payment was made on Friday.
This payment, added the bank, is aimed at helping junior employees "manage the rising costs of living, while reaffirming their commitment to a holistic employee value proposition that includes market-competitive rewards".
"Creating a workplace where employees feel supported and valued is key to our human capital strategy," said Alvin Lee, Maybank Singapore's country chief executive.
This is not the bank's first time providing financial support to staff to help offset rising living costs.
In March last year, the bank provided junior employees with a similar cost of living payout where 141 junior employees received $1,250 each, with the bank spending close to $169,500 in total.
Maybank notches record net profit for FY24
Maybank released their financial results for FY24 on Wednesday, highlighting a record net profit of RM10.09 billion (S$3.04 billion), up 7.9 per cent year-on-year.
The bank also declared a full cash second interim dividend of 32 sen per share, bringing the full-year dividend to 61 sen per share.
Maybank Singapore also recorded strong earnings with profit before tax reaching $702.2 million for FY24, up 16.6 per cent year-on-year.
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