30-06-2025
- Business
- New Straits Times
Maybank says staff salaries surpass living wage benchmark
KUALA LUMPUR: Malayan Banking Bhd (Maybank) employees are earning monthly wages above the living wage benchmark of RM3,100, in accordance with the Employees Provident Fund's (EPF) Belanjawanku cost-of-living guideline.
The bank said this reflects its commitment to the Finance Ministry's call for government-linked companies (GLCs) to champion fair pay practices through the GLC Earnings for a Resilient and United People (GEAR-uP) initiative.
President and group chief executive officer Datuk Khairussaleh Ramli said this is part of Maybank's commitment to remain a values-driven organisation with a "bionic workforce" that leverages both people and technology to uphold fair, inclusive, and sustainable pay practices while continuing to humanise financial services.
He added that the bank views employee welfare and fair pay not just as a moral responsibility but also as a key factor in driving business success.
"Ensuring that all our employees earn a competitive and sustainable wage is fundamental to building a resilient and future-ready workforce.
"It reflects our deep commitment to shared prosperity and the value of the Ekonomi Madani framework," he said.
Maybank said it has introduced a wide range of structural and targeted initiatives aimed at supporting its lower-income employees, helping to ease their daily financial pressures and improve overall financial stability.
These efforts include various forms of financial aid, such as festive assistance, interest-free loans, and access to a Staff Welfare Fund for urgent needs related to medical emergencies or natural disasters.
In addition, the bank offers strong support for working families, including childcare and maternity allowances, as well as educational assistance for employees' children—ranging from annual back-to-school support to financial aid for tertiary education.
"To promote flexibility and personalisation, employees are also given options to optimise their benefits, such as converting EPF contributions for medical coverage or repurposing dental and optical allocations for digital-related expenses," it added.
Maybank reaffirmed its commitment to fostering a safe and inclusive work environment, empowering employees to thrive in their careers.
The bank also offers a comprehensive and competitive range of benefits aimed at supporting the overall wellbeing of its workforce.
