Singapore banks give junior staff one-off bonus amid rising cost of living

THE trio of Singapore lenders are giving their junior employees globally a one-time bonus amid cost-of-living concerns.

The banks noted that this was in line with recommendations from Singapore’s National Wages Council (NWC), for companies to help lower-income employees cope with the rising cost of living.

In NWC’s guidelines for 2023/2024, it noted that employers should consider giving a one-off special lump sum payment to employees – with heavier weightage for lower to middle-income employees – to help them offset the higher cost of living this year.