SINGAPORE (THE BUSINESS TIMES) - Citi Singapore is giving around 1,600 employees a $1,200 one-off special compensation award to ease the impact from the Covid-19 situation.
The move is expected to cost $2 million.
The special compensation is for staff with an annual base salary of $70,000 or less, the bank announced on Thursday (April 9). This is about a quarter of its Singapore employees.
The $1,200 will be credited into their Citibank accounts in April.
Citi is also providing additional benefits to its Singapore workers such as complimentary insurance coverage from AIA, as well as a preferred corporate rate for medical teleconsultation services at Whitecoat, a digital healthcare provider.
In addition, it is extending the deadline for employees to utilise their carry-over leave to Dec 31, 2020, from March 31. However, they will not be able to take time off for overseas vacations due to Covid-19 travel restrictions.
The bank will also refund season parking charges to employees who are season parking ticket holders at Asia Square and Changi Business Park for April and May this year.
The salary threshold for the cash award applies regardless of performance, grade or business unit. Only employees hired directly by Citi qualify for the award.
The measures are part of a global initiative to help workers amid the novel coronavirus situation which will see more than 75,000 Citi employees benefiting from the special compensation award, said the bank.
In light of the Covid-19 outbreak, Citi has rolled out a host of measures across Singapore and the Asia-Pacific for its retail, small and medium enterprises, corporate and institutional clients.
These include interest and fee waivers, tenure extensions, alternative settlement arrangements, option to restructure borrowing and trade credit facilities, extension of liquidity, and loan payment reduction programmes, among others.
With additional information from The Straits Times.