OCBC Group will give a second one-off payment totalling S$7.5m (USD$5.5m) to assist nearly 11,000 junior employees globally in managing rising living costs.
The initiative, which is set to be disbursed between February and April 2025, will benefit employees at OCBC, Bank of Singapore, and OCBC Securities for the second year running.
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In Singapore, around 4,000 junior employees, including new arrivals as well as organised personnel, will each get S$1,000.
Moreover, these recipients represent 40% of the bank’s local workforce. Employees in OCBC’s 17 overseas markets will receive similar bonuses based on local conditions.
Despite an expected moderation in core inflation to 2% in 2025, it remains above the pre-pandemic average of 1.1%, keeping cost pressures high.
Winnie Chin, 41, a Service Specialist and mother of five who received OCBC’s one-off payment in 2024, shared: “With the high cost of living in Singapore, it feels like every dollar counts more than ever. The one-off payment last year provided me with some much-needed relief, allowing me to cover some essential expenses and even put a little aside for rainy days – you never know what will happen tomorrow. It’s reassuring to know that OCBC cares about our well-being and is looking out for us during these challenging times. The gesture lifted my spirits and made me feel valued as a part of the team.”
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By GlobalDataLee Hwee Boon, Head of Group Human Resources, OCBC, added: “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.”
This initiative highlights OCBC’s continued efforts to prioritise employee welfare during challenging times.
