Annual salary increases, allowances introduced in new collective agreement
About 3,500 bank officers in Peninsular Malaysia are set for a nine per cent salary increase starting January 2025 after eight months of negotiations for a new collective agreement.
The 15th Collective Agreement (CA) was signed by the Malayan Commercial Banks Association (MCBA) and the Association of Bank Officers of Peninsular Malaysia (ABOM), the New Straits Times reported.
According to the report, the CA covers the period from 2024 to 2026 and will affect approximately 3,500 bank officers working in 10 commercial banks in Peninsular Malaysia.
The agreement also mandates an annual salary hike of approximately five per cent for the bank officers, as well as additional increases for officers who have reached their maximum salary.
Bank officers will also receive an annual festival allowance worth RM1,800 and a monthly digital allowance of RM90.
The rural housing allowance for single bank officers will also be hiked to RM900 monthly, while it will increase to RM1,100 for married workers.
The annual medical benefit limit for families will also be increased by 27%, from RM3,300 to RM4,200 per year, according to the reports.
Present during the signing of the 15th CA were MCBA president Datuk Dr Nora Abd Manaf, MCBA executive director Looi Heong Meng, ABOM president Suhairun Mohd Nawir, and ABOM secretary-general Ng Choo Seong.
The new agreement comes after eight months of negotiations between both parties, according to Nora.
"ABOM played an important and responsible role in this industry relationship, and the success of this agreement demonstrates the strong cooperation between us," the MCBA president said.
