SINGAPORE — UOB will pay its junior employees a one-off bonus for an additional month, the bank announced on Thursday (Feb 22), joining its local rivals DBS and OCBC Bank.

The additional bonus will be paid out to around 6,000 employees across the group, including around 600 in Singapore, UOB said.

This move is in line with recent recommendations by Singapore’s National Wages Council to help workers cope with rising living costs.

“The Group is committed to ensuring a fair and competitive wage structure for its employees, complemented by a comprehensive range of perks and benefits that are sustainable over the long term, including enhanced medical care, training programs and more,” said Singapore’s third-largest lender.

The Straits Times reported that the initiative will cost UOB less than S$10 million.

UOB Group reports record net profit of S$6.1 billion

In addition to the additional bonus, UOB also reported that its core net profit for the financial year ended December 31, 2023 (FY23) rose 26 percent year-on-year to S$6.1 billion. “Including one-off costs for the integration of Citigroup, net profit was S$5.7 billion, also a record high,” the bank said.

The board recommended the payment of a final dividend of 85 cents per ordinary share. “Together with the interim dividend of 85 cents per ordinary share, the total dividend for FY23 is S$1.70 per ordinary share, representing a payout ratio of about 50 percent,” UOB said.

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