Globally, more than 75,000 employees will be benefitting from the one-off cash award
Citi is offering more than 75,000 employees globally a one-off special compensation award amidst the COVID-19 outbreak.
Employees in Singapore will get S$1,200 each by April. In the US, eligible employees will get an award of US$1,000.
Salary thresholds for eligibility and the amount for the individual award are dependent on each market. The thresholds apply irrespective of performance or business unit but only employees directly hired by Citi qualify for the award.
For instance, employees in the US must make US$60,000 or less in base salary to qualify.
In Singapore, employees are eligible if they make an annual base salary of $70,000 or less. About 1,600 staffers in the city-state qualify for the cash award.
The global initiative addresses the potential economic hardship that employees may encounter during the current crisis and aims to help those who are most likely to be impacted.
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“These are difficult and challenging times for everyone,” said Amol Gupte, Head of ASEAN and Citi Country Officer for Singapore. “Amid the pandemic, many of my Citi colleagues are working around the clock to deliver our services and solutions to support our clients in managing the uncertainties.
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“I am proud and appreciative of all their efforts and hope that these extra benefits will help lighten their financial burden and enable them to better navigate the crisis.”
Other benefits offered to staff in Singapore include:
- Complimentary insurance coverage
In partnership with AIA, all Citi Singapore employees and their eligible dependents have been insured under COVID-19 Special Coverage since mid-March. This free insurance coverage allows employees and their dependents to enjoy guaranteed hospitalisation income and death benefits up till June 30, 2020, or 30 days after the DORSCON level becomes green, whichever is earlier.
- Preferred corporate rate for Medical Teleconsultation services
Citi Singapore employees and their eligible dependents pay a preferred rate for online medical consultation at Whitecoat, a digital healthcare provider.
- Extension of utilisation of carryover leave
Employees are typically allowed to carry over seven days of their leave entitlement to 31 March the next year. In view of the pandemic, Citi Singapore has extended the deadline for the utilisation of carryover leave to December 31, 2020.
- Refund of season parking charges
More employees are working from home and not utilising the carpark facilities at the bank’s main offices. In collaboration with the landlords of these buildings, they’ve arranged a refund to employees who are season parking ticket holders at two locations for April and May 2020.