share on
Specifically in Singapore, approximately 4,000 junior employees, including new hires and unionised staff, will receive a one-off payment of S$1,000 each.
In December 2024, OCBC announced that it will be distributing one-off payments to approximately 40% of its global workforce across 17 markets. The payouts, designed to assist employees with the ongoing impact of rising living costs, will commence in February and continue through April 2025.
This initiative, totaling an estimated S$7.5mn, aims to support approximately 11,000 employees across OCBC and its subsidiaries, including Bank of Singapore and OCBC Securities, in navigating ongoing cost-of-living challenges.
Specifically in Singapore, approximately 4,000 junior employees, including new hires and unionised staff, will receive a one-off payment of S$1,000 each. This represents nearly 40% of the bank's local workforce.
For employees outside Singapore, the one-off support will be tailored to reflect specific local market conditions.
Lee Hwee Boon, Head of Group Human Resources, OCBC, commented: "While inflation is forecasted to moderate in 2025, we acknowledge that cost-of-living concerns persist. The wellbeing 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.
"Beyond that, we are committed to providing upskilling and reskilling opportunities to ensure that our colleagues are equipped to meet the challenges of the future, while also empowering them to take charge of their own financial wellbeing."
The upcoming round of payment is the second of its kind for the bank, with the first involving up to 14,000 junior employees globally in February and March 2024.
Lead image / OCBC
share on
