'Thoughtful gesture' to help employees manage cost of living, 'foster supportive work environment'
Maybank Singapore is giving its junior employees a one-time payment of $1,250 in a bid to help them manage the rising costs of living.
Employees eligible for the payout include those in Officer and below ranks across Maybank's entities, namely Maybank Singapore, Etiqa Insurance Singapore, Maybank Asset Management Singapore, and Maybank Securities Singapore.
"We would like to recognise the hard work of our junior colleagues and show our appreciation through this payout, which will help defray rising living costs and ease financial concerns," said Alvin Lee, Maybank Singapore Country CEO, in a statement.
"Creating a workplace where employees feel supported and valued is key to our human capital strategy."
Maybank's one-time payment adds to the company's list of benefits to staff, such as medical benefits and upskilling opportunities.
Lee added they are ensuring that employees receive "fair and transparent compensation" that is aligned with the industry.
Luke Hee, chairperson of NTUC Financial and Professional Services Cluster, said they are "very encouraged" over Maybank Singapore's gesture.
"This thoughtful gesture will help employees to manage their costs of living and foster a supportive work environment," Hee said in a statement.
This is not the first time that Maybank Singapore has offered junior employees a one-time payout. It also rolled out a similar scheme last year to also support staff in the rising cost of living.
Singapore is consistently named one of the most expensive cities to live in across the world. Mercer's Cost of Living City Ranking named the country as one of the "costliest cities for international workers" since 2022.
