DBS Bank employees to receive $1,000 as part of SG50 celebrations

DBS Bank will give out $1,000 to each employee to celebrate the nation's 50th birthday and to mark its $50 billion milestone in market capitalisation.

A total of $18 million will be given out to 18,000 of its employees, said DBS chief executive Piyush Gupta in the Business Times' report on Thursday.

He added that those receiving the $1,000 will be employees holding the positions of vice-presidents and below.

Out of DBS Bank's 21,000 staff, some 10,000 employees in Singapore will receive the money.

This announcement follows news of the bank's net profit rising to $4.05 billion in 2014, up from $3.67 billion the previous year.