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UOB to give junior employees one-off extra month bonus to cope with rising cost of living
The additional bonus will be paid to about 6,000 employees across the group, of which about 600 are in Singapore, UOB said.
SINGAPORE — UOB will provide a one-off extra month bonus to its junior employees, the bank announced on Thursday (22 February), joining local peers DBS and OCBC Bank in doing so.
The additional bonus will be paid to about 6,000 employees across the group, of which about 600 are in Singapore, UOB said.
The move aligns with latest recommendations by Singapore's National Wages Council to help employees cope with the rising costs of living.
"The group is committed to ensuring that the wage structure of its employees is fair and competitive, complemented by a comprehensive range of perks and benefits that are sustainable for the long-term, including enhanced medical support, training programmes and more," Singapore's third largest lender said.
Also read: OCBC to give total of S$9 million one-off support to 14,000 junior employees globally
Also read: Singapore Budget 2024: What you need to know
Also read: Median monthly income from work in Singapore households increased 7.6% to S$10,869 in 2023
It was reported in The Straits Times that the initiative will cost UOB less than S$10 million.
UOB Group's record core net profit of S$6.1 billion
Alongside the additional bonus, UOB also reported that its core net profit increased 26 per cent year-on-year to S$6.1 billion for the financial year ended 31 December 2023 (FY23). "Including the one-off Citigroup integration costs, net profit was at S$5.7 billion, also a record high," the bank said.
The board recommended the payment of a final dividend of 85 cents per ordinary share. "Together with the interim dividend of 85 cents per ordinary share, the total dividend for FY23 will be S$1.70 per ordinary share, representing a payout ratio of approximately 50 per cent," UOB said.
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