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DBS Group Holdings will gift S$1,000 to each employee, to commemorate both Singapore’s 50th birthday and also for the company reaching $50 billion in market capitalisation.
The announcement was made right after the bank released its 2014 net profit earnings.
“Both DBS and POSB are deeply woven into the fabric of the Singapore,” DBS told Human Resources.
“Having played an integral role in Singapore’s development, the bank has lined up a broad range of initiatives to ignite possibilities and spark joy with our customers, employees and members of the community this year. As part of SG50, DBS commits SG$100 million in recognition of our heritage and role in shaping the Singapore story.”
The one-time reward of $1,000 will be given to all employees ranked vice-president and below, totalling a sum which will amount to approximately $18 million, or SG$1,000 per employee.
The bank also plans to spend $10 million on a slew of customer initiatives such as national schools savings campaign and child development account, which includes a “POSB smiley gift bag” for all jubilee babies.