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OCBC to give total of S$9 million one-off support to 14,000 junior employees globally
Specifically in Singapore, 4,600 junior OCBC employees will receive S$1,000 each.
SINGAPORE — A one-off support, totalling close to S$9 million, will be distributed to OCBC's 14,000 junior employees globally, the bank announced on Tuesday (20 February). That number represents more than 40 per cent of OCBC Group's overall headcount in its 19 markets.
The support will be given across OCBC and its subsidiaries including Bank of Singapore, OCBC Securities and Great Eastern Holdings. This is, OCBC said, to help employees better cope with rising cost-of-living concerns.
OCBC said they will receive the payout from February to March 2024.
Also read: Budget 2024 allocates one-time MediSave bonus of up to S$300 for 1.4 million adult Singaporeans
"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 OCBC's Head of Group Human Resources, Lee Hwee Boon.
Specifically in Singapore, 4,600 junior employees – 40 per cent of total number of employees based in the city-state – will receive S$1,000 each. They include new entrants to the workforce and unionised employees.
Singapore government recommendations for employers
"Core inflation in Singapore is expected to decrease more gradually only towards the last quarter of 2024," the bank said.
Singapore's National Wages Council previously recommended in October 2023 for companies to help their employees with the country's rising cost of living, beyond support from the government.
OCBC said that 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 said.
The bank said that it also regularly reviews its employees' built-in wage increases and variable payments to ensure that they commensurate with the bank's performance and employees' contribution.
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