Citi Singapore employees to receive $1,200 one-off compensation

More than Citi Singapore's 1,600 employees will each receive a special compensation award of S$1,200 which will cost the company S$2 million.
By: | April 13, 2020

Citi Singapore employees with an annual base salary of S$70,000 or less will receive a one-off special compensation award of S$1,200 each to help them cope with the impact of COVID-19.

This is part of a global initiative announced by the bank to help with the potential economic hardship that employees may encounter during the current crisis and aims to help those who are most likely to be impacted.

Globally, more than 75,000 of Citi’s employees will be benefiting from the special compensation award. In the U.S., an award of US$1,000 will be provided to eligible colleagues who make US$60,000 or less in base salary. Salary thresholds for eligibility and the amount for the individual award are dependent on each market. The thresholds apply irrespective of performance, grade or business unit but only employees directly hired by Citi qualify for the award.

Other benefits extended to all employees in Singapore include complimentary insurance coverage which covers employees and their dependents, extension of utilisation of carryover leave from the previous year to December 31 this year, preferred corporate rate for Medical Teleconsultation services and refund of season parking charges as employees work from home during this period.

Head of ASEAN and Citi Country Officer for Singapore Amol Gupte said, “These are difficult and challenging times for everyone. Amid the pandemic, many of my Citi colleagues are working around the clock to deliver our services and solutions to support our clients in managing the uncertainties.

“I am proud and appreciative of all their efforts and hope that these extra benefits will help lighten their financial burden and enable them to better navigate the crisis,” he added.