Local bank DBS/POSB is using S$40 million for measures 2023 to help ease pressures brought about by the rising cost of living, DBS said in a press release.
The measures include a monthly transport rebate of up to S$20 from this month, as well as an enhanced POSB HDB home loan package with an all-in interest rate of 2.6% per annum.
Since June, there has been a S$2 weekly allowance for students as well, the bank noted on Saturday (12 Aug).
The measures aim to help those who face acute financial stress, DBS/POSB said.
DBS found in a recent study that those who earn less than S$2,500 are in financial distress, with savings below that of the recommended amount of three to six months.
According to DBS, the bank will commit up to S$1 billion over the next 10 years “to uplift the lives and livelihoods of the low-income and underprivileged”.
Beginning in 2024, it’ll commit up to S$100 million a year towards programmes that will support vulnerable segments in Singapore as well as DBS’ other key markets.
The actual contribution each year will be determined based on the bank’s financial performance in the preceding year, DBS noted.
To help social impact, DBS employees will also contribute more than 1.5 million volunteering hours.
Deputy Prime Minister Lawrence Wong and Minister for National Development Desmond Lee joined DBS/POSB staff on Saturday (12 Aug) at the West Coast Food Centre to show their support for companies stepping up to do their part for the community.
Image courtesy of DBS
DBS CEO Piyush Gupta, who recently said staff should be made to feel like family, was also in attendance.
Image courtesy of DBS
DBS/POSB employee volunteers guided participants in a digital literacy workshop paired with getai entertainment.
Image courtesy of DBS
The cost-of-living measures that have been rolled out from August include:
Since June, DBS/POSB has had a weekly allowance subsidy for students using POSB Smart Buddy for any transactions.
“The first 15,000 students who cumulatively spend S$2 within the week via their POSB Smart Buddy watch or card will be reimbursed,” DBS/POSB said.
The programme will last until 30 Nov this year.
There’s also been the 5 Million Hawker Meals scheme, which gives S$3 cashback to the first 100,000 diners who use DBS PayLah! to scan and pay for their meals at SG-QR enabled hawker stalls every Friday, since February this year.
DBS said a recent study found that those who earn less than S$2,500 are among those in financial distress.
According to the study, their expenses outpaced income growth by 1.2 times, with insufficient savings compounding cashflow woes. Additionally, their savings can last them less than one and a half months.
This is well below the recommended range of three to six months, DBS said.
“Amid persistently high inflation, our customers continue to feel the sting of high prices. This is especially true for the financially vulnerable,” said Han Kwee Juan, Group Executive and Singapore Country Head at DBS.
“It is more important than ever for us to enable our customers — via our comprehensive range of solutions — to stretch their dollar and alleviate their financial pressures,” he added.
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Featured image courtesy of DBS.
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