Bank of Singapore, which serves as the private banking arm of Oversea-Chinese Banking Corp (OCBC), has terminated around 40 employees due to the inappropriate use of medical benefits, as reported by Channel NewsAsia (CNA).
The investigation, which commenced last year, encompassed hundreds of employees and focused on the misapplication of insurance claims. This misuse extended to items that were not eligible, such as skincare products, supplements, toothbrushes, and bird’s nest, as per sources familiar with the issue cited by CNA.
According to an article by eFinancialCareers, the dismissals of the staff occurred last week. A Bank of Singapore spokesperson mentioned to Bloomberg News on Saturday that any alleged wrongdoing would be thoroughly investigated and evaluated in adherence to the bank’s investigative and disciplinary procedures, ensuring a just and comprehensive process.
If any impropriety is substantiated following the investigation and requisite disciplinary probe, appropriate disciplinary measures will be implemented, the spokesperson mentioned.
Employees were instructed to reimburse the amounts claimed, and in more severe instances, this impacted bonuses and cost-of-living allowances provided to junior staff members within the OCBC group, as per the CNA report.
The investigation pertains to an insurance scheme that permits employees to make claims of up to S$10,500 (285,000 baht) for medical and dental costs.
OCBC is also conducting an independent inquiry into the issue, as stated in the report.
