Maybank’s Class One Officers (AMCO) and Association of Maybank Executives (AME), its in-house unions representing the executive to senior executive level and the junior officer level respectively, have signed their Collective Agreements (CA) for 1 January 2018 – 31 December 2020 period with Maybank.
These agreements see their members getting a 10% salary adjustment, 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.
Employees also get an enhancement in current benefits and allowances, as well as introduction of new benefits. For instance, the CA will see a raise of up to 30% personal accident and 25% term life insurance coverage, and also a 10% increase to all other monetary allowances.
A seven-day pilgrimage leave scheme which is a new benefit to the CA will enable 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.
During the ceremony, the Bank also announced a review on the Staff Housing Loan benefit for employees in Maybank Malaysia, in efforts to drive home ownership.
Effective 2019, there will be a reduction of the Staff Housing Loan interest rates from 3.5% to 2% for all employees for existing and new loans. 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% 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.
“With all the adjustments and benefits, we do hope they will serve as a strong impetus for the officers to increase productivity, heighten their morale and sense of responsibility, which will ultimately further strengthen the workforce,” said Pn Nora Abd Manaf, Group Chief Human Capital Officer.
In her address, she thanked all parties for their cooperation, saying: “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.”
Signing on behalf of AMCO were Haji Zainurin Zainal Abidin (President) and Puan Bindu Gridharlal Patel (General Secretary) and representing AME were Rama Rao Subramonian (President) and Prem Kumar a/l Appu Kutty (General Secretary).
The Maybank Group were represented by Pn Nora Abd Manaf, Group Chief Human Capital Officer and Dato’ John Chong Eng Chuan, Group Chief Executive Officer, Community Financial Services of Maybank.
The signing ceremony was witnessed by YB Tuan M. Kulasegaran, Minister of Human Resources, Ministry of Human Resources and Datuk Hj. Mohamed Shafie BP Mammal, President of UNI Malaysia Labour Centre.
Photo / StockUnlimited
How do you know if your #learning is relevant for the #future?
Find out at the region's largest conference for HR and L&D practitioners, Learning & Development Asia, happening in September.
Register for early-bird savings now.