28 February 2025

Maybank supports junior employees with S$1,250 each to alleviate rising living costs

Singapore – Maybank Singapore will provide a one-time payment of S$1,250 each to all its junior employees, specifically those in Officer and below ranks, across all Maybank entities – Maybank Singapore, Etiqa Insurance Singapore, Maybank Asset Management Singapore and Maybank Securities Singapore. This gesture of appreciation and support aims to help them manage the rising costs of living, while reaffirming the Bank’s commitment to a holistic employee value proposition that includes market-competitive rewards.

Mr Alvin Lee, Maybank Singapore Country CEO, said, “We would like to recognise the hard work of our junior colleagues and show our appreciation through this payout, which will 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.”

Mr Luke Hee, Chairperson of NTUC Financial and Professional Services Cluster, said, “Following engagements with the four unions in the cluster, we are very encouraged that Maybank Singapore has acknowledged the work by junior employees through this payout. This thoughtful gesture will help employees to manage their costs of living and foster a supportive work environment. We look forward to continued collaboration and partnership with Maybank to enhance the wellbeing of the employees.”

Footnote:
The Banking and Financial Services Union (BFSU), Singapore Bank Employees Union (SBEU), Singapore Insurance Employees Union (SIEU) and Singapore Manual and Mercantile Workers Union (SMMWU) are within the NTUC Financial and Professional Services Cluster.