SINGAPORE: Maybank Singapore announced on Friday (Feb 28) that it will be handing out a one-time payment of $1,250 to its junior staff to help them cope with the high cost of living.
The junior staff in all Maybank entities – Maybank Singapore, Etiqa Insurance Singapore, Maybank Asset Management Singapore, and Maybank Securities Singapore – will receive this amount.
Alvin Lee, Maybank Singapore’s country chief executive, said the payment is in recognition of the hard work of the junior staff. He was also quoted in AsiaOne as saying, “Creating a workplace where employees feel supported and valued is key to our human capital strategy.”
Maybank, the largest bank in Malaysia and the fourth-largest in Southeast Asia in terms of assets is also ranked 70th among the most valuable bank brands across the globe.
On Feb 28, it reported a 7.9 per cent increase in net profit to a record RM10.09 billion (S$3.05 billion) for the financial year that ended on Dec 31, 2024. Its profit before tax was also up 9.3 per cent, and its net operating income grew by 8.1 per cent to RM29.57 billion (S$8.94 billion).
“The financial results were driven by strong operating income on the back of positive regional economic activities and steady improvement in net impairment provisions,” Maybank said.
“Our financial performance this year demonstrates the strength of our core business and the continued success of our strategic initiatives. It is also a reflection of our steadfast commitment to long-term growth, innovation, and sustainable shareholder value creation,” remarked Maybank chairman Tan Sri Dato’ Sri Ir. Zamzamzairani Mohd Isa.
It was also announced that Maybank Singapore signed a memorandum of understanding with the Association of Small & Medium Enterprises (ASME) that would aid SMEs with new business opportunities in the Johor-Singapore Special Economic Zone (JS-SEZ) and throughout Southeast Asia.
This is not the first year that Maybank has given a bonus to its junior staff. In February 2024, Maybank Singapore gave 141 junior employees a one-time payment of S$1,250 each to help them cope with the rising cost of living.
“We are committed to supporting our employees and ensuring that they receive fair and competitive wages in line with industry benchmarks, in addition to a comprehensive range of benefits such as upskilling through training programmes and competitive medical benefits,” Mr Lee said at the time. /TISG