Bank work­ers of­fered 0% hous­ing loan on first $24,423

The Nation - - ASEAN ECONOMIC COMMUNITY -

Bank em­ploy­ees in Malaysia will soon en­joy 0 per cent in­ter­est on their hous­ing loans for the first 100,000 ring­git (Bt779,478, $24,423).

All mem­ber banks un­der the Malayan Com­mer­cial Banks’ As­so­ci­a­tion (MCBA) have agreed to grant the ben­e­fit, ef­fec­tive April 1.

The ben­e­fit was of­fered in the new col­lec­tive agree­ment (CA) inked by MCBA and the Na­tional Union of Bank Em­ploy­ees (NUBE).

MCBA pres­i­dent Nora Abd Manaf said it is hoped that the waiver of in­ter­est for the first 100,000 ring­git will help more em­ploy­ees to earn their dream home ear­lier.

The new ben­e­fit aims to raise the dis­pos­able in­come of em­ploy­ees, es­pe­cially those in the B40 cat­e­gory and to sup­port he gov­ern­ment’s ef­fort to in­crease home own­er­ship among lower-in­come com­mu­ni­ties.

The 0 per cent in­ter­est rates also ap­plies to em­ploy­ees who have ex­ist­ing staff hous­ing loans.

Un­der the new CA, em­ploy­ees of MCBA mem­ber banks will also re­ceive a salary ad­just­ment of up to 12 per cent.

Cler­i­cal em­ploy­ees will re­ceive a 10 per cent ad­just­ment while non-cler­i­cal em­ploy­ees will re­ceive 12 per cent.

The start­ing salary of dif­fer­ent em­ployee groups cov­ered in the CA will also be ad­justed up by 12 per cent to 16 per cent, with their max­i­mum salary raised by 16 per cent.- The Star

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