Maybank Awards $1,250 to Junior Staff to Ease Cost-of-Living Pressures

“Maybank Singapore has announced that junior staff across its entities will receive a one-off payment of $1,250 to help mitigate rising living costs. The initiative applies to employees at Maybank Singapore, Maybank Asset Management Singapore, Maybank Securities Singapore, and Etiqa Insurance Singapore.

Alvin Lee, the bank’s country chief executive, stated that the payment acknowledges the dedication of junior staff and aligns with the company’s efforts to foster a supportive work environment. He emphasised that valuing employees is central to Maybank’s human capital strategy.

Maybank, Malaysia’s largest bank and Southeast Asia’s fourth-largest by assets, also ranks among the top 70 most valuable banking brands globally. The financial institution reported a record RM10.09 billion (S$3.05 billion) net profit for the 2024 fiscal year, reflecting a 7.9% increase. Pre-tax profit rose by 9.3%, while net operating income saw an 8.1% rise to RM29.57 billion (S$8.94 billion).

According to Maybank, these strong financial results were driven by robust regional economic activity and improvements in net impairment provisions. Chairman Tan Sri Dato’ Sri Ir. Zamzamzairani Mohd Isa highlighted the bank’s commitment to long-term growth, innovation, and sustainable value for shareholders.

Additionally, Maybank Singapore has signed a memorandum of understanding with the Association of Small & Medium Enterprises (ASME) to support SMEs in the Johor-Singapore Special Economic Zone (JS-SEZ) and across Southeast Asia, fostering new business opportunities.

This initiative is not the first of its kind. In February 2024, Maybank Singapore provided 141 junior employees with a similar $1,250 payment to help offset cost-of-living challenges. The bank reaffirmed its commitment to fair wages, professional development opportunities, and competitive employee benefits.”