SINGAPORE, February 28, 2025 – In a move to support its junior employees amid rising living costs, Maybank Singapore has announced a one-time payment of S$1,250 for staff at the Officer level and below. This initiative extends across all Maybank entities in Singapore, including Etiqa Insurance Singapore, Maybank Asset Management Singapore, and Maybank Securities Singapore.
The financial support aims to ease the financial burdens of junior employees while reinforcing Maybank’s commitment to a competitive and holistic employee value proposition.
Recognizing Employee Contributions
Alvin Lee, Maybank Singapore Country CEO, emphasized the importance of supporting employees and recognizing their contributions. “We would like to acknowledge 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,” he said.
Union Support and Encouragement
The move has also received positive feedback from the National Trades Union Congress (NTUC). Luke Hee, Chairperson of NTUC Financial and Professional Services Cluster, commended Maybank for its proactive approach. “Following engagements with the four unions in the cluster, we are very encouraged that Maybank Singapore has acknowledged the work of junior employees through this payout. This thoughtful gesture will help employees manage their cost of living and foster a supportive work environment. We look forward to continued collaboration and partnership with Maybank to enhance employee well-being.”
This initiative underscores Maybank’s broader commitment to employee welfare, reinforcing its focus on competitive compensation, career development, and workplace support.