KUALA LUMPUR (Jan 2): Malayan Banking Bhd (Maybank) says in-house members of the Maybank Class One Officers (AMCO) and Association of Maybank Executives (AME) will receive a 10% increase in their salaries, together with enhancement in current benefits and allowances.

This follows a recent signing of the AMCO and AME's collective agreements (CAs) for the period of Jan 1, 2018 to Dec 31, 2020 with Maybank, the banking group said in a statement today. It had a joint CA signing ceremony with the unions, which it said is unprecedented in the banking industry.

The unions represent the executive to senior executive level, and the junior officer level, said Maybank. It is the 10th CA for AMCO, and the 9th for AME.

Together with the 10% salary adjustment across the board — 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. There is also a 10% rise in all monetary allowances.

Under the agreements, a new benefit in the form of a seven-day pilgrimage leave scheme will also be introduced, which will enable eligible employees to perform and fulfil their religious obligations with added flexibility.

The bank also announced a review of its staff housing loan benefit for Maybank employees to drive home ownership in light of escalating property prices, especially in major towns.

It said staff housing loan interest rates would be reduced from 3.5% to 2% for all employees for existing and new loans, which will take 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, however, will differ based on employees' job level.

"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," said Maybank's Group Chief Human Capital Officer Nora Abd Manaf in the statement.

The CAs are also a reflection of Maybank's commitment to remain true to its founding principles, which is to uphold the welfare of the employees who have contributed immensely to the growth of the organisation, she 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," she added.

At 3.53pm, shares in Maybank were trading 11 sen or 1.16% lower at RM9.39.