Earlier this month, DBS shared that it would give junior employees a one-time bonus of S$1,000 to help them cope with rising costs.
About two weeks later, OCBC announced a similar initiative for its own junior employees.
Now, UOB is following suit by giving junior employees an extra month’s bonus.
This follows a successful financial year where the bank reported a record core net profit of S$6.1 billion.
On Thursday (22 Feb), UOB released a statement saying that it would provide junior employees with an extra month’s bonus on a one-off basis.
Class II officers and below are considered junior employees.
Source: UOB
The move, the bank explained, is in line with the National Wages Council’s latest recommendations to help staff cope with the rising costs of living.
About 6,000 employees worldwide will benefit from this, including about 600 staff in Singapore.
“The Group is committed to ensuring that the wage structure of its employees is fair and competitive, complemented by a comprehensive range of perks and benefits that are sustainable for the long-term, including enhanced medical support, training programmes and more,” UOB stated.
The move will cost UOB less than S$10 million, The Straits Times (ST) reported.
2023 was a successful year for UOB.
For the financial year ending 31 Dec 2023, the bank reported a record core net profit of S$6.1 billion — a 26% increase from the previous year.
This is the first time the figure has crossed the S$6 billion mark.
Source: Google Maps
Even after deducting the one-off Citigroup integration costs, the net profit remained at S$5.7 billion, still a record high.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB, said that “strong income growth through a diversified business franchise” had fuelled the record core net profit.
He added that although the global economic outlook remains “uncertain”, Southeast Asia remains a “bright spot”.
“We are optimistic about ASEAN’s potential, driven by improved domestic demand, robust tourism recovery and strong investment flows into the manufacturing sector as companies reconfigure their supply chains.”
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Featured image adapted from UOB.
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