KUALA LUMPUR – Maybank Group started the year on a high note with one of the highest salary adjustments for employees in the Malaysian banking industry with the signing of its unions’ Collective Agreement (CA).
Under the new CA which runs for the period from 1 January 2018 to 31 December 2020, Maybank class one officers (AMCO) and Association of Maybank Executives (AME), the bank’s in-house unions representing executives to senior executive level and junior officer level, will see a 10 per cent salary adjustment.
This is the first time in which AMCO and AME had a joint signing with the management.
“I am grateful for the strong partnership we have between the unions, employers, and industry-level alliances. The mutual respect, common goals, high integrity and strong values shared will continue to anchor this partnership and lead us towards stronger collaboration in the future,” said Group Chief Human Capital Officer, Nora Manaf in a statement.
“This collective agreement is also a reflection of Maybank’s commitment to remain true to our founding principles which is to uphold the welfare of the employees who have contributed immensely to the growth of the organisation.”
The CA also includes an increase of up to 30 per cent Personal Accident and 25 per cent Term Life insurance coverage, which will further support the employees and their families during unfortunate events.
The group also announced a review on the staff housing loan benefit for employees in Maybank Malaysia, in efforts to drive home ownership and in light of the escalating property prices especially in the major towns.
There will be a reduction of the staff housing loan interest rates from 3.5 per cent to two per cent for all employees for existing and new loans and it will take effect in 2019.
This will complement the existing scheme where employees earning RM3,000 and below are eligible for interest free loans for the first RM100,000 on their housing loans from Maybank.
Additionally, the quantum of the staff housing loan will be increased by a minimum of 43 per cent from the existing amount.
This however will differ based on the employees’ job grade but once again makes Maybank providing one of the lowest interest rates in the industry.
This marks AMCO’s 10th and AME’s 9th CA, respectively.