$500 bonus for staff to mark DBS' 50th anniversary

Above: (From left) DBS chairman Peter Seah, former chairman S. Dhanabalan and chief executive Piyush Gupta at a special Golden Jubilee employee townhall held at Victoria Theatre yesterday. Left: Bank employees celebrating at Victoria Theatre. The gro
Above: Bank employees celebrating at Victoria Theatre. The group's 26,000 employees will each get a $500 bonus this month. Staff received gold-plated jewellery in February.PHOTOS: DBS
Above: (From left) DBS chairman Peter Seah, former chairman S. Dhanabalan and chief executive Piyush Gupta at a special Golden Jubilee employee townhall held at Victoria Theatre yesterday. Left: Bank employees celebrating at Victoria Theatre. The gro
Above: (From left) DBS chairman Peter Seah, former chairman S. Dhanabalan and chief executive Piyush Gupta at a special Golden Jubilee employee townhall held at Victoria Theatre yesterday.PHOTOS: DBS

DBS staff can look forward to a little something extra with their next pay cheque, as the bank ramps up its 50th anniversary giveaways.

The group's 26,000 employees will each collect a $500 bonus this month, chief executive Piyush Gupta told staff at a townhall yesterday.

An earlier staff gift of gold-plated jewellery had been unveiled in February.

DBS, which was set up in July 1968 as the Development Bank of Singapore, also previously handed shareholders a bumper payout to mark its birthday - including a one-time special dividend of 50 cents a share.

This, alongside a full-year ordinary dividend of 93 cents a share, took last year's payout to $1.43 a share - up from 60 cents a share in 2016.

"Recognising that this success would not have been possible without the support of our stakeholders, we felt it was important for our jubilee celebrations to include a measure of giving back, whether to shareholders, customers or employees," Mr Gupta said in a media statement.

The lender, which is Singapore's largest listed company by market value, also pledged annual dividends of $1.20 a share earlier this year, ending its scrip dividend option.

A recent report expects DBS to hand out the biggest booty this year, out of all the Straits Times Index stocks linked to Singapore investment firm Temasek.

A version of this article appeared in the print edition of The Straits Times on July 07, 2018, with the headline '$500 bonus for staff to mark DBS' 50th anniversary'. Print Edition | Subscribe