CIMB Gives 0% Interest Housing Loans for Lower Income Staff

27 April 2017

Eligible employees to also receive assistance towards water bill, transportation and school-going kids

Kuala Lumpur: CIMB Group Holdings Berhad (“the Group” or “CIMB”) has outlined fresh incentives to help alleviate the burden of employees in the lower income group, during a special Labour Day 2017 celebration which was graced by Finance Minister II, Datuk Seri Johari Abdul Ghani on 26 April 2017.

Also present at the event were Tengku Dato' Sri Zafrul Aziz, Group CEO, CIMB Group; Dato’ Hamidah Naziadin, Group Chief People Officer, CIMB Group; and J. Solomon, Secretary-General, Malaysian Trades Union Congress (MTUC), and General Secretary of the National Union of Bank Employees, States of Malaya (NUBE).

During his speech, Finance Minister II, Datuk Seri Johari Abdul Ghani said “Human capital development and inclusivity are key strategic thrusts under the 11th Malaysia Plan and the Economic Transformation Programme. While the government has invested a lot to ensure no one is left behind, we are heartened by private sector initiatives that also support the Government’s inclusivity agenda. CIMB’s fresh initiative to alleviate the burden of its lower income workers is laudable, and most fitting of a dynamic GLC that sets the tone on employee welfare in Malaysia.”

Tengku Dato’ Sri Zafrul said, “Our staff is the Group’s most valuable asset, who have contributed so much to the Group’s success and performance. These new measures, for staff earning not more than RM3,500, demonstrate our commitment to ensure that deserving staff are adequately supported, to help them succeed in both their career and personal lives. This is also in line with CIMB’s new brand promise, “Forward”, which for our staff is about enabling them to progress and realise their dreams.”

CIMB’s fresh initiatives to assist staff earning not more than RM3,500 include the following:

•  For housing loans, 0% interest for a maximum of five years (or three years for completed properties) on loans not exceeding RM250,000. Eligible staff are only required to start paying the loan instalment in the sixth or fourth year (for completed properties) which provides them with a roof over their heads while relieving them of the financial burden of servicing a housing loan during those periods.
• Single parents will receive financial assistance of RM200 monthly for each school-going child aged 18 years and below, subject to a maximum of five children. This is meant to supplement their school-going children’s educational expenses, which in turn, contributes to the nation’s youth development agenda.

Apart from the above incentives, staff earning not more than RM2,000 will also receive monthly assistance of RM50 for their water bill, and RM100 through Touch ‘n Go credit to partly fund their transportation cost. This will assist them in managing their basic expenses, so they can focus on other important matters in their lives.

As ASEAN's fifth largest bank, CIMB has always been at the forefront of human resource development and management. In 2016 alone, the Group had invested more than RM100 million and 1.5 million training hours towards developing its staff’s skills and knowledge. Initiatives like full scholarships (amounting to RM1.8 million in 2016), and “Staff Rejuvenation Programme” which allows employees up to one-year unpaid leave for personal reasons like caring for family members, taking extended maternity or paternity leave, or simply taking a break, and “Flexible Working Arrangement” further showcase CIMB’s “corporate-with-a-heart” attitude to ensure that staff are well-supported both in their professional and personal aspirations.