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S$18m hongbaos for DBS staff are from managers' bonus pool

Published Thu, Apr 23, 2015 · 09:50 PM

Singapore

THE hongbaos totalling S$18 million given to 18,000 DBS employees came from senior managers' bonus pool, said Peter Seah, chairman of DBS Group Holdings, on Thursday. As a result, the special bonus did not increase the bank's costs, he said at the bank's annual shareholders' meeting.

Answering a question on the S$18 million bonus, Mr Seah said that the gesture was much appreciated by employees and increased "bonding" among all staff.

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