Close to S$9 million will be disbursed to about 14,000 employees to help them better cope with rising cost-of-living concerns

Singapore, 20 February 2024 – OCBC today announced that a one-off support, totalling close to S$9 million, will be given to junior employees globally. The support will help close to 14,000 employees – across OCBC and its subsidiaries including Bank of Singapore, OCBC Securities and Great Eastern Holdings – better 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.

Specifically in Singapore, 4,600 junior employees will receive S$1,000 each. They include new entrants to the workforce and unionised employees. The 4,600 recipients make up about 40% of the total number of employees based here. Core inflation (which excludes accommodation and private transports costs) in Singapore is expected to decrease more gradually only towards the last quarter of 2024.

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. 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.

Other Financial Wellness Support

OCBC offers a range of resources such as articles, tools, virtual talks and regular workshops conducted by the bank’s in-house wealth advisor to assist employees in navigating their finances.

The Bank 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.

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.”