Payouts aim to recognise employees' contributions amid a challenging environment
Several banks in Singapore are awarding employees one-off payouts to recognise their contributions amid a challenging external environment.
In separate announcements, Maybank, DBS and UOB said they would grant these one-off bonuses to their staff, with a particular focus on junior-ranked employees.
DBS announced in early February that it earmarked SG$18 million to provide a special one-off bonus of SG$1,000 for all its junior employees globally.
It will benefit over 23,000 employees globally, including nearly 6,800 employees in Singapore, according to the bank.
"In spite of a difficult environment, DBS delivered a resilient set of results and we wanted to specially recognise the contributions of our junior staff," said DBS CEO Tan Su Shan in a statement.
This is not the bank's first time to extend a bonus payout to staff. In 2024, it also extended a SG$1,000 one-off bonus, amounting to SG$15 million.
UOB Group Bonus
Meanwhile, UOB Group announced in late February that it is also granting employees an extra half-month base salary payout on a one-off basis.
"This supplementary payout will be paid to about 6,000 employees across the Group in the second quarter of this year and will amount," the bank said in its latest financial results.
The bonus aims to recognise the contributions of junior staff amid a "challenging external environment."
"The Group is committed to ensuring that the wage structure of its employees is fair and competitive, complemented by a comprehensive range of perks and benefits that are sustainable for the long-term, including enhanced medical support, training programmes and more," it added.
Maybank Singapore bonus
Maybank Singapore also announced in early March that it will be giving a one-off payout to hundreds of eligible employees, The Straits Times reported.
According to the report, 200 unionised executives are expected to receive SG$1,250, while more than 600 junior staff will receive an additional quarter-month bonus.
Alvin Lee, country chief executive and CEO of Maybank Singapore, attributed the bonus to employees' "unwavering dedication amid a challenging operational environment."
"This ex gratia payment underscores our appreciation and our commitment to uplifting colleagues who feel the effects of day-to-day expenses more acutely," Lee told The Straits Times.
Last year, Maybank Singapore also rewarded staff with a one-time payment of SG$1,250 to recognise their hard work and help them amid rising costs of living.
