Each junior employee receives payment amid rising costs of living
Junior employees of Maybank Singapore have received a one-time payment of up to $1,250 each as support amid rising costs of living.
Maybank Singapore said employees belonging in Class II and below received the payout in February, which amounted to nearly $169,500 overall.
Alvin Lee, Maybank Singapore Country CEO, said the payout underscores how employees are important to their organisation.
"This payout is a small way for the Bank to show our appreciation for their work contributions as well as to help them defray rising living costs, beyond the support they are receiving from the Singapore government," Lee said in a statement.
"We are committed to support our employees and to ensure that they receive fair and competitive wages in line with industry benchmarks, in addition to a comprehensive range of benefits such as upskilling through training programmes and competitive medical benefits."
The Oversea-Chinese Banking Corporation in February also announced that it is extending a one-off $1,000 to around 4,600 junior employees in Singapore.
These recent initiatives from organisations aim to boost the financial wellbeing of their employees, as prices in Singapore remain above pre-pandemic levels and are expected to remain elevated in 2024, The Straits Times reported.
