Wage credit boon for 1 in 4 OCBC staff
ONE in four employees at OCBC Bank and its securities subsidiary, OCBC Securities, will get a small windfall, as the bank disburses its first $3 million payout under the Wage Credit Scheme (WCS).
The 1,500 recipients, comprising mainly junior executives and unionised employees, will receive the payouts between next month and July. They can choose to have their payouts credited to their Central Provident Fund (CPF) accounts, or invest in shares via the OCBC Blue Chip Investment Plan.
The WCS was introduced in last year's Budget as part of the three-year Transition Support Package, designed to help firms cope with rising wages in a tight labour market.
It will co-fund 40 per cent of pay rises given to Singaporeans earning a gross monthly income of $4,000 or less.
Said chief executive Samuel Tsien: "By empowering each individual to either put that amount in a personal CPF account that earns a decent interest rate, or invest it in the OCBC Blue Chip Investment Plan, we hope to contribute to his or her long-term saving or investment plan - a key component in good financial planning."