OCBC, UOB offer one-off bonuses to junior staff to ease cost-of-living pressures

Local banks OCBC and UOB will be giving one-off payments to their junior staff to help them cope with the cost-of-living pressures.

In a media release on Monday (Dec 23), OCBC announced that about 4,000 Singapore-based junior employees across OCBC and its subsidiaries will receive a payout of $1,000 each.

These employees comprise about 40 per cent of the group's workforce in Singapore.

The initiative is part of an estimated $7.5 million plan to help close to 11,000 employees across the bank and its subsidiaries across 17 markets cope with cost-of-living pressures. The staff will receive the amount from February to April 2025.

For staff outside Singapore, the support amount takes into consideration the respective local market conditions.

This is the second one-off payout that the bank has provided to junior staff members.

OCBC's head of group human resources Lee Hwee Boon said although inflation is expected to moderate in 2025, the bank acknowledges that cost-of-living concerns persist.

"The well-being of our people remains a top priority, so we hope that this one-off payment will ease concerns over the high living costs faced by our junior colleagues," she said.

'Cost of living remains elevated': UOB

Responding to AsiaOne's queries, UOB said about 6,000 junior employees across the group will receive a one-off extra month's bonus to help them cope with day-to-day expenses.

"We are cognisant that even though inflation rate has moderated, cost of living remains elevated," said Dean Tong, head of group human resources at UOB.

The additional bonus of up to $8 million for the eligible employees will be paid out by April 2025, he added.

In Feburary, OCBC and DBS said their junior employees will each receive a $1,000 one-time payout.

That same month, UOB also announced that junior employees will be provided a one-off extra month of bonus.

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lim.kewei@asiaone.com