Maybank to Increase Staff Salaries by 10%

Malayan Banking Bhd (Maybank) started 2019 with a bang, announcing that in-house members of the Maybank Class One Officers (AMCO) and Association of Maybank Executives (AME) will receive a 10% increase in their salaries. Their current benefits and allowances will also be enhanced.

This is following the signing of its unions’ Collective Agreement (CA) for the period of Jan 1, 2018 until Dec 31, 2020 with Maybank. This is the first time in which AMCO and AME had a joint signing with the management.

The unions represent the executive to senior executive level, as well as the junior officer level. This is the 10th CA for AMCO, and the 9th for AME.

More benefits

Together with the 10% salary increase across the board which is subject to the maximum salary in their respective salary ranges, the CA will result in an increase of up to 30% in personal accident insurance coverage, and 25% in term life insurance coverage. All monetary allowances are also increased to 10%.

Under the CA, a new benefit in the form of a seven-day pilgrimage leave scheme will also be introduced, which will allow eligible employees to perform and fulfill their religious obligations with more flexibility.

Pic credit: Bloomberg

Maybank also announced a review of its staff housing loan benefit for its employees to drive home ownership because of the escalating property prices, particularly in major towns.  The staff housing loan interest rates will decrease from 3.5% to 2% for all employees for existing and new loans, which takes effect in 2019.

“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.” Furthermore, the quantum of staff housing loan will be raised by a minimum of 43% from the existing amount. This will differ based on employees’ job level.

Remain true to its founding principles 

According to Group Chief Human Capital Officer Nora Manaf, the CAs are also a reflection of the bank’s commitment to remain true to its founding principles, which is to uphold the welfare of the employees who have contributed much to the growth of the organisation.

She also said “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.”

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