Maybank to give junior staff in S'pore S$1,250 each to cope with cost of living concerns

Maybank Singapore will provide its junior employees a one-time payment of S$1,250 each as a "gesture of appreciation and support", announced the bank on Feb. 28.

According to the bank, the sum aims to help eligible staff "manage the rising costs of living while affirming the bank's commitment to a holistic employee value proposition that includes market-competitive rewards".

Without specifying the exact number of staff eligible for the payment, Maybank said it applies to all junior employees "across all its entities", especially those in officer and below ranks.

These entities include Etiqa Insurance Singapore, Maybank Asset Management Singapore, and Maybank Securities Singapore.

Not the first time

This was not the first time Maybank Singapore issued such payments to its junior staff.

In March 2024, the bank said it had given 141 junior employees a one-time payment of up to S$1,250 each in February 2024 "to help them cope with rising costs of living".

At the time, the bank said the total payment amounted to "close to S$169,500".

Other local banks also issuing similar payments

Besides Maybank Singapore, two other local banks, namely OCBC Group and DBS Group, also announced that they would be issuing similar one-time payments to their staff.

On Dec. 23, 2024, OCBC said it would be giving around 4,000 junior employees across the group in Singapore a S$1,000 payout each to cope with costs of living concerns.

Likewise, DBS announced earlier this month that it would pay a special one-time bonus of S$1,000 to all its employees, except senior managers, after the bank registered a record performance in 2024.

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