SINGAPORE: Maybank Singapore has been praised by the labour sector for helping its junior staff cope with the rising cost of living.
In a move to ease the financial pressures of junior ts junior workforce, Maybank Singapore has announced a one-time payment of $1,250 for employees in officer and below ranks across its various entities, including Maybank Singapore, Etiqa Insurance Singapore, Maybank Asset Management Singapore, and Maybank Securities Singapore, as reported by The Independent Singapore on Feb 28.
According to a recent report from HRD Asia, Alvin Lee, the Country CEO of Maybank Singapore, explained that the initiative is designed to recognise the hard work of junior colleagues while providing relief amidst the rising cost of living. “We would like to show our appreciation through this payout, which will help defray rising living costs and ease financial concerns,” Lee said. “Creating a workplace where employees feel supported and valued is key to our human capital strategy.”
This one-time payout is part of a broader benefits package for Maybank employees, including medical benefits and upskilling opportunities. Lee emphasised that the company is committed to ensuring “fair and transparent compensation” in line with industry standards.
The gesture has been met with enthusiasm from the labour sector. Luke Hee, chairperson of the NTUC Financial and Professional Services Cluster, expressed his approval, stating that the initiative would assist employees with their living costs and contribute to fostering a supportive work environment. “This thoughtful gesture will help employees manage their costs of living and foster a supportive work environment,” Hee said.
Maybank Singapore’s latest move follows a similar initiative last year, where the company also provided a one-time payment to its junior employees to help them navigate the rising cost of living.
As Singapore continues to rank as one of the world’s most expensive cities to live in, according to the 2024 Mercer’s Cost of Living City Ranking, which has placed the country among the “costliest cities for international workers” since 2022, such initiatives are becoming increasingly important for employees in the city-state.