Maybank Singapore is providing a one-time payment of S$1,250 to all junior employees at the officer level and below across its various entities, including Etiqa Insurance Singapore, Maybank Asset Management Singapore, and Maybank Securities Singapore.

The bank said the initiative is a sign of its commitment to industry-competitive compensation and employee wellbeing. It also aims to support team members in managing the rising cost of living.

“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, country CEO of Maybank Singapore.

Creating a workplace where employees feel supported and valued is key to our human capital strategy.

“This is alongside ensuring that they receive fair and transparent compensation that aligns with the industry, in addition to a wide range of benefits such as upskilling through training programmes and competitive medical benefits,” Lee said.

The move was welcomed by Luke Hee, chairperson of the NTUC Financial and Professional Services Cluster.

“We are very encouraged that Maybank Singapore has acknowledged the work by junior employees through this payout,” Hee said, noting that the payout aligns with Maybank’s discussions with four unions in the cluster.

The “thoughtful gesture” will help employees “foster a supportive work environment,” Hee said.

“We look forward to continued collaboration and partnership with Maybank to enhance the wellbeing of the employees.”

Maybank said that the bonus complements its broader employee value proposition, which includes industry-aligned pay structures, upskilling opportunities, and competitive medical benefits.

Earlier this month, DBS also rewarded all of its staff with a special one-time bonus of $1,000 as a sign of appreciation for their efforts in 2024. The bank set aside $32 million for this initiative.

Cost-of-living support from the government

Apart from the private sector, the Singaporean government is also doing its part to alleviate the impact of rising costs.

By December of this year, some 2.9 million adults from lower- and middle-income households are set to benefit from the state’s one-time cash assistance of $200 to $600.

The payout is part of enhancements to the Assurance Package included in Budget 2025.