OCBC to spend $5m on SG50 gift for staff

OCBC is set to spend $5 million on employees as part of its SG50 celebrations.
OCBC is set to spend $5 million on employees as part of its SG50 celebrations.PHOTO: ST FILE

SINGAPORE - OCBC is giving its staff in Singapore a gift to celebrate Singapore's 50th birthday - and to reward them for their contributions to the bank's growth and, hence, to the country's economic progress.

About 3,000 of OCBC's junior executives and unionised employees in Singapore will each receive 100 OCBC shares. The stock was trading at $10.39 as at 9.45am on Monday morning. OCBC said this gift aims to encourage share ownership among these employees as they continue to share in the bank's growth.

All 8,000 OCBC staff will receive a special OCBC SG50 Nets Flashpay card, with $100 in preloaded credit.

They will also each get four complimentary tickets (worth $80 in total) to Gardens by the Bay, and enjoy a subsidised rate of $5 per ticket (usual price per ticket is $74) to Universal Studios Singapore, up to a maximum of four tickets.

OCBC employees will also be able to convert the OCBC$ they earn from using their OCBC credit cards at a conversion rate of 20 flex dollars - twice the usual rate of 10 flex dollars - for every 2,000 OCBC$. These flex dollars can be used to obtain reimbursements for a wide range of items, including medical expenses for family members and travel-related expenses.

Said OCBC Bank's group CEO Samuel Tsien: "We are pleased to reward our employees with the SG50 Gift as part of the nation's jubilee celebration. As the longest-established Singapore bank, Singapore has grown in tandem with the country over the past 50 years."

"Our employees have played a big role in OCBC's success and the country's success - and we must also not forget their families, who have provided them with unwavering support."

The bank took into consideration feedback from employees that they would like something beyond hard cash, he added. "With this in mind, we believe our SG50 Gift is both celebratory and commemorative, and would allow our employees to celebrate the nation's 50th birthday together with their families."