WITH the rising cost of living these days, it is an uphill battle, especially for the younger generation to keep up with their daily expenses and major financial commitments if they are not paid a decent wage.
A Malaysian financial institution operating in Singapore recently announced its efforts to aid in alleviating rising living costs for its junior employees.
Maybank Singapore, in a statement, said it has provided a one-off payment of S$1,250 (RM4,142) to junior employees, particularly those in Officer and lower ranks across all the financial institution’s entities in the country.
Maybank Singapore Country CEO Alvin Lee said the institution recgonises the junior employees’ hard work and wanted to show its “appreciation” through the payout, said to help “defray” rising living costs and ease financial concerns.
“Creating a workplace where employees feel supported and valued is key to our human capital strategy.
This is alongside ensuring that they receive fair and transparent compensation that aligns with the industry, in addition to a wide range of benefits such as upskilling through training programmes and competitive medical benefits.” he said in the statement.
Meanwhile, another bank in Singapore,DBS Group, has granted a one-time bonus of S$1,000 (RM3,313) to all its employees except senior managers. A total of S$32 million (RM106 million) was set aside for the bonus, according to Mothership.
On the other hand, OCBC Bank has granted 4,000 junior staff a bonus of S$1,000 (RM3,313) each to help cope with the cost of living concerns. The one-time payout was announced last December and will be handed out from February to April this year, according to another report by Mothership.
