Maybank just gave its staff a happy new year with a 10% pay raise and more

Reuters

Maybank staff are having a very happy new year indeed, after the group announced a 10 per cent salary hike for employees, Bernama has reported.

According to the news website, the Malaysian banking group will adjust the salaries of the members of its in-house officers unions.

The adjustment – which is capped to a maximum in employees’ respective salary ranges – comes after the recent signing of collective agreements between Maybank and its in-house unions for the Jan 1, 2018 to Dec 31, 2020 period.

The in-house unions Maybank Class One Officers (AMCO) and Association of Maybank Executives (AME) respectively represent executives to senior executives, and those in the junior officer level.

According to the New Straits Times (NST), this is the first time Maybank’s management has signed a joint agreement with the AMCO and AME.

Under the new agreement, there will also be an increase in personal accident insurance coverage of up to 30 per cent, as well as an increase of 25 per cent in term life coverage.

A review on staff housing loan benefits has also resulted in lower interest rates of 2 per cent in 2019, down from the previous 3.5 per cent, NST reported.

Currently, employees earning RM3,000 also do not pay any interest on the first RM100,000 (US$24,000) on their housing loans from Maybank, it added.