OCBC Bank announced a second round of financial aid in the form of one-off payments to its junior employees worldwide, totaling approximately S$7.5 million.
This initiative will benefit nearly 11,000 employees across OCBC Group, including subsidiaries such as Bank of Singapore and OCBC Securities.
Payments will be disbursed between February and April 2025, marking the second consecutive year OCBC has provided such support to address cost-of-living pressures.
In Singapore, approximately 4,000 junior employees, including unionised staff and new workforce entrants, will receive S$1,000 each.
This group represents about 40% of the bank’s local workforce.
For employees outside Singapore, payouts will be adjusted based on local market conditions.
OCBC’s move comes as inflation in Singapore is projected to ease to 2% in 2025, though this remains above the pre-pandemic average of 1.1% between 2015 and 2019.
Elevated price levels continue to strain household budgets despite the forecasted moderation.
This follows broader efforts by Singaporean banks, including DBS and UOB, to provide financial assistance to employees amid ongoing economic challenges.
Lee Hwee Boon, Head of Group Human Resources, OCBC, said,
“While inflation is forecasted to moderate in 2025, we acknowledge that cost-of living concerns persist. The well-being of our people remains a top priority, so we hope that this one-off payment will ease concerns over the high living costs faced by our junior colleagues.
Beyond that, we are committed to providing upskilling and reskilling opportunities to ensure that our colleagues are equipped to meet the challenges of the future, while also empowering them to take charge of their own financial well being.”
