Maybank announced that all employees in Malaysia are already earning above the Living Wage threshold of RM3,100 per month, as benchmarked against Employees Provident Fund’s (EPF) Belanjawanku Guide. This is also in line with the Ministry of Finance’s call for Government-Linked Companies (GLCs) to demonstrate leadership in advancing fair compensation under the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) initiative.
Dato’ Khairussaleh Ramli, President and Group CEO of Maybank said that this commitment is aligned to Maybank’s purpose of being a values based platform, powered by a bionic workforce that humanises financial services and underscores long-standing commitment to fair, inclusive and sustainable pay practices.
Dato’ Khairussaleh Ramli, President & Group Chief Executive Officer, Maybank
“At Maybank, we believe that employees welfare and wellbeing, including fair and decent pay is not only a moral imperative, but also a business enabler. 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.’’
Employee welfare and wellbeing were key factors in driving the positive results of Maybank’s employee engagement survey. The Sustainable Engagement index rose to 92% in 2024, outperforming the WTW Global High-Performing Companies Norm by 4 percentage points. This achievement reflects Maybank’s continued commitment to its employees, reinforced by consistent recognition as the preferred employer in Malaysia. In 2024, Maybank was named Graduates’ Choice Award Overall Winner for seventh consecutive year and Malaysia’s Most Preferred Employer by the GRADUAN Brand Awards for the tenth consecutive year.
Maybank remains steadfast to creating a safe, enabling and inclusive workplace for all its employees, empowering them to thrive and excel in their careers, while providing a comprehensive and competitive suite of benefits designed to support the holistic wellbeing of its employees. This includes a wide range of leave options, ranging from child care, parental, and sabbatical to volunteerism leave, among others - as well as extensive medical coverage for employees and their dependents, including children with disabilities without age restriction. Maybank also offers financial support through various employee loans/financing (e.g. housing, car, mobile, and sundry loans) at competitive rates, and ensure protection through life and personal accident insurance, as well as retirement benefits. Additionally, Maybank offers flexible benefits scheme that empowers employees to tailor their benefits based on individual needs, lifestyles, and family commitments.
To further support its lower-income employees, Maybank has implemented a comprehensive suite of structural and targeted initiatives to ease their daily burdens and enhance financial security. These include various forms of financial assistance such as festival aid, interest-free loans, and access to Staff Welfare Fund for urgent medical or disaster-related needs. The Bank also provides strong support for working families through allowance for childcare and maternity. In addition, education support is provided for employees’ children, i.e. from annual back to school support to financial aid for those pursuing tertiary studies. 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.
Recognising the importance of sustainable and future-ready careers, Maybank has embedded structured reskilling and upskilling programmes to empower its employees with relevant capabilities which include access to curated digital learning platforms, industry-recognised certifications and skills pathways aligned with internal mobility and career advancement. These initiatives contribute directly to the nation’s objectives towards workforce resilience, social mobility, and the development of high-quality jobs.
Maybank remains fully aligned with the Ekonomi MADANI framework, especially the “Raise the Floor” pillar, and will continue working alongside Government-Linked Investment Companies and the relevant stakeholders under the GEAR-uP programme to drive shared prosperity and a future-ready Malaysian workforce.