SCBA, SBEU ink collective agreement to benefit 2,000 bank employees

KUCHING, Jan 4 (Bernama) -- The Sarawak Commercial Banks Association (SCBA) and the Sarawak Bank Employees Union (SBEU) have inked the 16th collective agreement to benefit more than 2,000 banking sector employees in the state. 

The agreement was signed by SCBA president Maureen Paril and SBEU president Fabian Oliver Patrick Munan, witnessed by the Malayan Commercial Banks' Association (MCBA) president Datuk Nora Abdul Manaf. 

SBEU chief executive officer Andrew Lo said that after negotiations and the inking of the agreement, banking sector employees in the state would receive salary arrears amounting to between RM10,000 and RM36,000. 

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“Additionally, the agreement, which will come into effect Jan 21, 2023, includes the setting of a new minimum wage of RM1,945," he said in his speech at the signing ceremony of the agreement here today. 

Lo said that the agreement also stipulates a wage increase of between eight per cent and 15 per cent, the abolition of the limit on overtime claims, an increase of between 10 per cent and 18 per cent in other allowances, and a housing allowance of RM575 per month for employees with families. 

Meanwhile, Nora said that the global economy is expected to contract and face inflationary pressures that will affect Malaysia. 

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She said that this situation will contribute to a hike in loan amounts and other interest rates in the face of the expected economic recession this year. 

“Therefore, this latest agreement will help employees in the banking sector to weather this challenging economic period," she added. 

-- BERNAMA