OCBC Singapore to give junior staff $1,000 each to help them cope with rising cost of living

To help junior staff in Singapore cope with the rising cost of living, OCBC announced that it would be giving them $1,000 each. 

In a press release on Tuesday (Feb 20), OCBC said that 4,600 employees, who make up about 40 per cent of the company's total employees based here, will be receiving a one-time payout. 

The payouts will be given to employees between February and March this year, said the bank.

Globally, 14,000 employees across OCBC and its subsidiaries will receive the financial support, which comes up to a total of $9 million. 

The amount that overseas employees receive will be dependent on their respective local market conditions. 

"The amount, for each of the 14,000 who will benefit, may not be large. However, we hope that this can help colleagues defray concerns on the rising cost of living," said Lee Hwee Boon, OCBC's Head of Group Human Resources. 

The company also empowers employees to take charge of their financial well-being as a "long-term solution" by offering resources and regular workshops to strengthen their financial preparedness, Lee added.

The bank said it also regularly reviews its employees’ wages to ensure that they commensurate with the bank’s performance and employees’ contribution.

OCBC is the longest established Singapore bank, and has over 420 branches and representative offices in 19 countries and regions. 

On Feb 7, DBS bank also announced that they would be giving their junior staff a one-time bonus of $1,000 to help them cope with the higher cost of living.

A total of $15 million was set aside to help these junior staff, which comprise half of the bank's 40,000 employees, said DBS in a press release.

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claudiatan@asiaone.com