Maybank in-house officers’ unions receive 10 pct salary adjustment

KUALA LUMPUR: Members of Maybank’s in-house officers unions will get a 10 per cent salary adjustment across the board, subject to the maximum salary in their respective salary ranges.

“This adjustment is one of the highest increments awarded to the employees from the banking industry of Malaysia,” the country’s largest bank said in a statement yesterday.

The adjustment follows the recent signingof collectiveagreements(CA) between Maybank and its in-house unions, Maybank Class One Officers (AMCO) and Association of Maybank Executives (AME), for the Jan 1, 2018 – Dec 31, 2020 period.

AMCO represents the executive to senior executive level while AME represents the junior officer level.

In addition to the salary adjustment, the CA would see a raise of up to 30 per cent personal accident and 25 per cent term life insurance coverage, which would further support the employees and their families during unfortunate events, as well as a 10 per cent increase in all other monetary allowances, Maybank said.

A new benefit introduced in the CA is a seven-day pilgrimage leave scheme, which enables eligible employees to perform and fulfil their religious obligations with added flexibility. “It is also in line with the government’s efforts to promote and foster spiritual values in the workforce,” the bank said.

During the ceremony, it also announced a review of the staff housing loan benefit of Maybank Malaysia employees, with a reduction of staff housing loan interest rates from 3.5 per cent to two per cent for all employees for existing and new loans effective 2019. — Bernama