For Maybank Group employees in Malaysia, New Year started on a good note. The bank’s employees will get 10% a salary increase this year after the bank signed onto a Collective Agreement with Maybank class one officers (AMCO) group and the Associations of Maybank Executives (AME).

It is to be noted that AMCO and AME are the bank’s in-house unions, representing executives of senior executive level and junior officer level. The agreement, which covers the time period from January 1, 2018 to December 31, 2020, provides that members of these two unions will receive a 10 % salary increase.

The Collective Agreement also mentions an increase of up to 30% personal accident and 25% term life insurance coverage, which will further support the employees and their families during unfortunate events, and also a 10% increase to all other monetary allowances.

Nora Manaf, Group Chief Human Capital Officer of Maybank stated, “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.”

Nora added that this collective agreement is also a reflection of Maybank’s commitment to remain true to its founding principles, one of which is to uphold the welfare of the employees who have contributed immensely to the growth of the organization.

This is the first time that AMCO and AME have had a joint signing together. While AMCO represents the executive to senior executive level, AME represents the junior officer level.

As per a report by Willis Towers Watson, the APAC region is expected to see an average salary hike of 5.9% in 2019, with Malaysian organizations expected to clock in a 5.3% hike.