Ka-ching! 6 Singapore companies that dished out up to $32 million in serious bonuses

Singapore Airlines (SIA) is setting the gold standard for bonus envy. 

Following a stellar profit performance, the airline announced that eligible staff will receive a profit-sharing bonus of up to 7.45 months’ salary, plus a maximum of 1.5 months’ ex-gratia bonus. 

So, if your friend working at SIA is unusually generous with coffee runs, now you know why. However, SIA isn’t the only company that is delivering big bonuses.

1. NTUC

If you work for the public service, you probably ended 2024 with a smile. NTUC and the Singapore civil service gave a 0.45-month mid-year and 1.05-month year-end bonus, with junior grade officers receiving an additional one-off $850 for the year. This was certainly a well-timed festive season booster.

Bonus: 0.45-month mid-year, and 1.05-month year-end

2. DBS Bank

DBS gave out a $1,000 special bonus to all employees, except senior management, as a thank-you for a year of record-breaking profits. The bank set aside $32 million for this payout, with then-CEO Piyush Gupta noting it was meant to reward staff for their hard work. With that kind of appreciation, we wouldn’t be surprised if someone sprang for kopi for the whole team.

3. Sheng Siong

CEO Lim Hock Chee enjoyed a 20.6% bump in total pay for 2024, bringing it to $7.06 million. In his annual report statement, he acknowledged challenges ahead, citing geopolitical tensions and global trade conflicts as potential threats to consumer confidence and supply chains. Still, with that kind of paycheck, we doubt he’s stressing over “Buy 1 Get 1 Free” deals anytime soon.

4. OCBC

OCBC stepped up for its employees not once, but twice in 2024 — handing out a second one-off cost-of-living bonus totalling $7.5 million to around 11,000 staff members. With inflation and daily expenses continuing to climb, the bank recognised the importance of supporting its workforce beyond the usual paycheck. The bonus aimed to help employees manage the pressures of rising costs, depicting that OCBC isn’t just investing in business growth, but in the people who make it happen.

5. CapitaLand

After reporting a $148 million H2 profit, CapitaLand Investment Management proposed a special distribution of CapitaLand Integrated Commercial Trust (CICT) Real Estate Investment Trust (REIT) units. Instead of a cash bonus, eligible investors received these property trust units — a clever way to reward stakeholders with lasting value and a taste of the property market’s upside. This move follows CapitaLand’s strong financial rebound, reflecting confidence in the commercial property sector as the trust continues to grow.

6. UOB Group

UOB, never one to sit on the sidelines when it comes to supporting its people, had already rolled out a cost-of-living bonus in 2024 for its junior staff, making this the second such payout in response to Singapore’s rising living costs. 

UOB’s head of group human resources, Dean Tong, revealed that the bank will be providing its junior employees with a one-off extra month’s bonus to help ease their day-to-day expenses. This initiative is estimated to cost the bank up to $8 million and will benefit around 6,000 eligible employees, with payouts scheduled by April 2025.

Bottom line: It’s been quite the year of bonuses from 2024 to 2025. More companies are recognising the need to reward, retain and relate to their people. Whether it’s a cheque, a REIT unit, or a better pay structure, here’s to hoping your boss is taking notes for the year-end bonus that potentially awaits you soon.