Describing this as the best ever, National Union of Bank Employees (NUBE) general secretary J Solomon said bank workers from both the clerical and non-clerical staff will have their increases backdated to Jan 1, 2021.

He said the clerical staff will receive a 15% hike while the non-clerical workers will be given an 18% increase in their basic wages.

This will involve 20 financial institutions with about 15,000 members benefitting from the CA signed between NUBE and the Malaysian Commercial Banks Association (MCBA) yesterday.

“This is the first time that banks have agreed to give a special payment of one-month salary for all festivals. The employees will receive their first payment before this Aidilfitri,” he said.

Solomon said another major benefit that the MCBA had agreed to was an increase of RM200,000 in the quantum of the loan eligible for the interest waiver for housing loans.

“For example, if a worker applies for a RM300,000 loan, he or she will be entitled to an interest waiver for the whole amount compared to RM100,000 previously,” he said. “The chargeable interest rate for loans exceeding RM300,000 will be from 2% to 4%, depending on the banks.”