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OCBC to spend S$5m on SG50 Gift for staff

Ben Chua fron Group Operations and Technology at OCBC Bank (left) and Jessica Huang from Group Risk Management (extreme right), will be among the employees in Singapore who will receive the exclusive OCBC SG50 NETS FlashPay card, amongst other rewards, as part of the OCBC Staff SG50 Gift.

OCBC is giving its 8,000 staff in Singapore a gift to celebrate Singapore's 50th birthday.

All employees here will receive an exclusive OCBC SG50 Nets Flashpay card, with S$100 in preloaded credit. "The specially designed card features OCBC Bank's logo made up of little red dots, which symbolises every OCBC Bank employee coming together as one to celebrate the nation's 50 years of nation building," the bank said.

They will also each receive four complimentary tickets (worth S$80 in total) to Gardens by the Bay, and enjoy a subsidised rate of S$5 per ticket (usual price per ticket is S$74) to Universal Studios Singapore, up to a maximum of four tickets.

For 3,000 junior executives and unionised staff of the bank, the SG50 Gift, which will cost the bank S$5 million, includes 100 OCBC shares (worth S$1,039 as at 9.45am on Monday), to encourage share ownership and give them a start in their investment journey.

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OCBC employees will also be able to convert the OCBC$ they earn from using their OCBC credit cards at a conversion rate of 20 flex dollars - twice the usual rate of 10 flex dollars - for every 2,000 OCBC$. These flex dollars can be used to obtain reimbursements for a wide range of items, including medical expenses for family members and travel-related expenses.

On top of these, the bank has launched a SG50 Learning mobile app - an interactive quiz app with topics related to the bank's heritage and Singapore's history - for employees earlier this year.

"We are pleased to reward our employees with the SG50 Gift as part of the nation's jubilee celebration. As the longest-established Singapore bank, OCBC has grown in tandem with the country over the past 50 years," said OCBC Bank group CEO Samuel Tsien. "Our employees have played a big role in OCBC's success and the country's success - and we must also not forget their families, who have provided them with unwavering support."

The bank took into consideration feedback from employees that they would like something beyond hard cash, he added. "With this in mind, we believe our SG50 Gift is both celebratory and commemorative, and would allow our employees to celebrate the nation's 50th birthday together with their families.

"The Gift is not an end in itself. Even as we celebrate success now, we want our colleagues to look forward to the next 50 years as we continue to grow with Singapore."