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To be given out from February to March 2024, the payout aims to help employees better cope with rising cost of living.
OCBC has announced a one-off support of nearly S$9mn to be given to up to 14,000 junior employees globally.
Across OCBC and its subsidiaries — including Bank of Singapore, OCBC Securities and Great Eastern Holdings — the 14,000 junior employees represent more than 40% of OCBC Group’s overall headcount in its 19 markets. To be given out from February to March 2024, the payout aims to help staff better cope with rising cost-of-living.
In Singapore specifically, 4,600 junior employees are set to receive S$1,000 each. These include new entrants to the workforce and unionised employees, making up about 40% of the total number of employees based here.
According to OCBC's statement, core inflation (excluding accommodation and private transports costs) in Singapore is expected to decrease more gradually only towards the last quarter of 2024.
The bank noted that this payout thus aligns with the Singapore National Wages Council's previous recommendation in October 2023 for companies to help their employees with the country’s rising cost of living, beyond support from the government. Providing a one-off assistance payment, with heavier weightage for lower to middle income employees, was one of the recommendations that was accepted by the Singapore government.
For employees outside Singapore, the one-off support takes into consideration the respective local market conditions.
OCBC’s Head of Group Human Resources, Lee Hwee Boon commented: “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.
"Beyond this, we recognise that the long-term solution is to empower colleagues to take charge of their own financial wellbeing – good financial planning can make a big difference amid inflationary pressures."
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Lead image / 123RF
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