OCBC Bank has announced a one-off financial support measure to help 4,600 junior employees in Singapore cope with cost of living concerns. The payout of S$1,000 per employee is part of a global support measure for 14,000 junior employees, amounting to S$9 million.

The support measure is aimed at more than 40% of the bank’s overall headcount in its 19 markets. The Singapore-based employees who will receive the payout from February to March 2024 work in OCBC and its subsidiaries, including Bank of Singapore, OCBC Securities, and Great Eastern Holdings.

The payout is in response to the rising cost of living in Singapore, with core inflation expected to decrease gradually only towards the last quarter of 2024. The Singapore National Wages Council previously recommended that companies help their employees with the country’s rising cost of living, beyond support from the government.

OCBC’s head of group human resources, Lee Hwee Boon, said that the amount may not be large, but it can help colleagues defray concerns on the rising cost of living. The bank also offers a range of resources to assist employees in navigating their finances, including articles, tools, virtual talks, and regular workshops conducted by the bank’s in-house wealth advisor.

OCBC regularly reviews its employees’ built-in wage increases and variable payments to ensure that they commensurate with the bank’s performance and employees’ contribution. The payout is a testament to OCBC’s commitment to supporting its employees during challenging economic times.

The payout is a welcome relief for many of the junior employees who have been feeling the pinch of the rising cost of living in Singapore. With inflation at a 14-year high, many Singaporeans have been struggling to make ends meet, with essential goods and services becoming increasingly expensive.

OCBC’s move to provide financial support to its employees is a positive step towards addressing the cost of living concerns of its workforce. The bank’s efforts to provide resources and assistance to help employees navigate their finances are also commendable.

The payout is not only a financial support measure but also a recognition of the hard work and dedication of the bank’s junior employees. It is a gesture that is likely to boost employee morale and engagement, which is crucial for the bank’s success.

OCBC’s move to provide financial support to its employees is also in line with the Singapore government’s efforts to help Singaporeans cope with the rising cost of living. The government has implemented various measures to help Singaporeans, including GST vouchers, U-Save rebates, and Service and Conservancy Charges (S&CC) rebates.

However, the rising cost of living is a complex issue that requires a multi-faceted approach. While financial support measures are essential, they are only one part of the solution. Other measures, such as increasing productivity, improving job opportunities, and enhancing social support systems, are also crucial in addressing the cost of living concerns of Singaporeans.

OCBC’s financial support measure is a positive step towards addressing the cost of living concerns of its employees. It is a gesture that is likely to be appreciated by the bank’s junior employees and is a testament to the bank’s commitment to supporting its workforce during challenging economic times.