This follows a recent signing of the AMCO and AME (CAs) collective agreements for the period from January 1, 2018 to December 31, 2020 with Maybank, the banking group said in a statement today. He had a joint CA signing ceremony with the unions who said it is unprecedented in the banking sector. The agreements also introduce a new benefit in the form of a seven-day pilgrimage leave, which will allow eligible workers to fulfil and fulfill their religious obligations with additional flexibility. Maybank Class One Officers (AMCO) – Association of Maybank Executives (AME), the bank`s internal unions, which represent senior management and junior-officer general management, recently signed their collective agreements (CA) with Maybank for the period from January 1, 2018 to December 31, 2020. The ceremony, at which the two unions signed with management, is unprecedented in the banking sector. The agreement also marks an important milestone for both unions in terms of their collective agreements with Maybank, including 10th place for AMCO and 9th place for AME. “I am grateful for the strong partnership between unions, employers and alliances at the industrial level. Mutual respect, common goals, great integrity and shared values will continue to anchor this partnership and strengthen cooperation. This collective agreement also reflects Maybank`s commitment to remain true to our founding principles of preserving the well-being of employees who have made a significant contribution to the growth of the organization,” said Nora. In his address, Mr. Nora thanked all parties for their cooperation, support and professionalism in securing a mutually beneficial agreement, especially in times of external uncertainty in the economy. In addition, the amount of loans for the construction of personal housing will be increased by at least 43% over the existing amount. However, this will vary depending on employee compensation, but makes Maybank one of the lowest interest rates in the industry.
In these collective agreements, their members benefit from a 10% wage adjustment, an increase in current benefits and allowances and the introduction of new benefits. The new certification body provides for employees to benefit from a 10% salary adjustment, subject to the maximum content in their respective pay margins. This adjustment is one of the highest increases for employees in the Malaysian banking sector. With the overall wage adjustment of 10% – subject to maximum salary in its respective salary ranges – the CA will result in a 30% increase in personal injury insurance coverage and a 25% increase in long-term life insurance coverage. In addition, all monetary certificates increase by 10%. Interest rates on staff construction loans will be reduced from 3.5% to 2% for all workers for existing and new loans and will come into effect in 2019. This will complement the existing system, in which workers earning RM 3,000 or less will be entitled to interest-free loans for the first RM100,000 for their Maybank housing loans. KUALA LUMPUR (January 2): Malayan Banking Bhd (Maybank) says that the internal members of the Maybank Class One Officers (AMCO) and the Association of Maybank Executives (AME) receive a 10% increase in their salaries, as well as an increase in current benefits and allowances. .
In addition, the number of housing loans will be increased by at least 43% over the existing amount. However, this will vary depending on the level of employment of workers. The CAs also reflect Maybank`s commitment to remain true to its founding principles, which is to preserve the well-being of the employees who have contributed to the growth of the organization, she said. . A seven-day pilgrimage leave program, which is a new benefit for the CA, will allow eligible workers to fulfill and fulfill their religious obligations with additional flexibility.