OCBC gives S$9m support to 14,000 junior employees

Payouts will be made between February to March 2024.

OCBC is giving a one-off S$9m support to its 14,000 junior employees globally to help cope with rising cost-of-living oncerns.

The employees will include those from its subsidiaries in Bank of Singapore, OCBC Securities, and Great Eastern Holdings. It will benefit approximately 40% of OCBC Group’s overall headcount in 19 markets.

Payouts will be made from February to March 2024.

In Singapore, 4,600 junior employees will receive S$1,000 each. They include new entrants to the workforce and unionised employees. 
  
“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,” said Lee Hwee Boon, OCBC’s head of group human resources.

“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,” Lee added.