Bank employees will soon benefit from 0% interest in their first RM100,000 housing loans. All member banks belonging to the Association of Malay Commercial Banks( MCBA) agreed to grant the benefit on April 1. The benefit was offered by MCBA and the National Union of Bank Employees( NUBE) in the new collective agreement( CA).
MCBA President Nora Abd Manaf said it is hoped that the first RM100,000 waiver of interest will help more employees earlier to earn their dream home.
The new benefit aims to increase the disposable income of employees, in particular, those in the B40 category, and to support the government 's efforts to increase the ownership of homes among low-income groups.
The interest rates of 0 percent also apply to employees with existing loans for staff housing. The new CA also provides employees of MCBA member banks with a salary adjustment of up to 12%.
The starting salary of the various CA employee groups will also be adjusted by 12% to 16%, with their maximum salary raised by 16%.
Among other benefits, the monthly cost of living allowance (COLA) is also revised to RM600 from RM400.
Combining the basic salary and COLA, the starting monthly pay for a fresh clerk will be RM2,400, excluding a two-month contractual bonus payable each December
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