OCBC is to support 14,000 junior employees with one-off payments totalling S$9m ($6.7m). The payments cover employees across OCBC and its subsidiaries including Bank of Singapore, OCBC Securities and Great Eastern Holdings. The financial support aims to help staff cope with rising cost-of-living concerns. The number represents more than 40% of OCBC Group’s overall headcount in its 19 markets. They will receive the payout from February to March 2024.
In Singapore, 4,600 junior employees will receive S$1,000 each. This includes new entrants to the workforce and unionised employees. The 4,600 recipients make up about 40% of the total number of employees based in Singapore. Core inflation (excluding accommodation and private transports costs) in Singapore is expected to decrease more gradually only towards Q4 2024.
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For employees outside Singapore, the one-off support takes into consideration respective local market conditions.
OCBC’s Head of Group Human Resources, Ms Lee Hwee Boon said: “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 well-being. Good financial planning can make a big difference amid inflationary pressures. To that end, we offer a range of resources and regular workshops to help strengthen their financial preparedness.”
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