OCBC Bank has announced a second round of financial assistance totaling approximately S$7.5 million in the form of one-time grants to young employees around the world.
The initiative will benefit approximately 11,000 employees across the OCBC Group, including subsidiaries such as Bank of Singapore and OCBC Securities.
Payments will be made between February and April 2025 and will be for two consecutive years. OCBC has provided such support to cope with cost of living pressures.
In Singapore, approximately 4,000 young employees, including union members and new employees, will each receive S$1,000.
This group makes up approximately 40% of the bank’s local workforce.
For employees outside Singapore, payments will be adjusted based on local market conditions.
OCBC’s move comes as Singapore’s inflation rate is expected to fall to 2% in 2025, but remains above the pre-pandemic 2015-2019 average of 1.1%. Ta.
Although the rise in the price level is expected to slow down, it continues to put pressure on household budgets.
This follows broader initiatives by Singapore banks including DBS and UOB. provide financial assistance to employees amid ongoing economic challenges.
Lee Hwee Boon, Group Human Resources Director at OCBC, said:
“While inflation is expected to moderate in 2025, we recognize that concerns about the cost of living remain. “The wellbeing of our people remains our top priority, so this lump sum payment will We hope that this will alleviate concerns about the high cost of living faced by our juniors.
Additionally, we are committed to providing opportunities for our colleagues to upskill and reskill to meet the challenges of the future, while empowering them to take charge of their own financial well-being. ”
