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Banks agree to 7% pay increase

KUALA LUMPUR: Banks have agreed to pay an interim 7% salary rise for employees under the National Union of Bank Employees (NUBE).

The Malaysian Commercial Banks Association (MCBA) said the salary adjustment would be based on the basic salary as of Dec 31, 2005, with arrears backdated to Jan 1, 2006.

This followed months of negotiations between NUBE and MCBA.

The payment will be made on Feb 29, to about 28,000 members.

The statement added that the decision was in line with the advice of Prime Minister Datuk Seri Abdullah Ahmad Badawi.

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