Maybank junior staff in Singapore to get $1,250 each to help with rising living costs

SINGAPORE - Maybank Singapore on Feb 28 said all junior employees will receive a one-off payment of $1,250 to help them manage the rising cost of living.

This applies to junior staff across all Maybank entities: Maybank Singapore, Etiqa Insurance Singapore, Maybank Asset Management Singapore and Maybank Securities Singapore, it said, without specifying the number of employees who will get the payouts.

Maybank Singapore country chief executive Alvin Lee said in a statement that the one-off payments are being given to recognise the hard work of the junior staff and to help ease their financial concerns.

He said the bank – South-east Asia’s fourth-largest by assets – ensures that employees receive fair and transparent compensation that aligns with the industry, in addition to other benefits such as upskilling through training programmes and competitive medical benefits.

Maybank did the same in 2024. It said in March 2024 that it had handed up to $1,250 each to 141 junior employees to offset rising living costs.

Local lenders DBS Bank, UOB and OCBC Bank have also made similar one-time payments.

UOB on Dec 23 announced that about 6,000 eligible junior employees across the group can expect to receive a one-off extra month of bonus, to be paid out by April 2025.

OCBC also said on Dec 23 that about 4,000 junior employees across OCBC Group in Singapore will receive a $1,000 payout each to help them with cost-of-living concerns, as inflation remains elevated.

In February 2024, DBS handed out $1,000 bonuses to more than 5,500 junior staff in Singapore.