For the second year, junior employees across OCBC Group will receive help to cope with the costs of living.

Singapore, 23 December 2024 – OCBC today announced that it will give a one-off payment to junior employees globally for the second year in a row. The payment, totalling an estimated S$7.5 million, will help close to 11,000 employees – across OCBC and its subsidiaries including Bank of Singapore and OCBC Securities – alleviate ongoing cost-of-living pressures. The number represents about 40% of OCBC Group’s overall headcount in 17 markets. They will receive the payout from February to April 2025.

Specifically in Singapore, about 4,000 junior employees will receive S$1,000 each. They include new entrants to the workforce and unionised employees. The recipients make up close to 40% of the total number of employees based here. While core inflation is expected to decline in 2025, the forecasted rate of 2% remains higher than the 1.1% seen during the pre-pandemic years from 2015 to 2019. Price levels also remain high due to the earlier increases in inflation.

For employees outside Singapore, the one-off support takes into consideration the respective local market conditions.

Ms 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."

Ms 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.”