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