KUALA LUMPUR: CIMB Group Holdings Bhd will allocate some RM1 billion to help around 4,000 of its Malaysian employees in the lower income group purchase their own homes.
CIMB Group chief people officer Datuk Hamidah Naziadin said beginning May 1, staff earning not more than RM3,500 would be eligible for an interest-free housing loan not exceeding RM250,000.
“We want to make sure that our staff have roof over their heads and we believe they will be able to purchase a decent home with RM250,000,” she told the New Straits Times here today.
Hamidah said the interest-free housing loan period is for a maximum of five years, or three years for completed properties.
“Eligible staff are only required to start paying the loan installments in the sixth year, or fourth year for completed properties.
“This will relieve them of the financial burden of servicing a housing loan during those periods. By giving them a zero per cent interest loan, we are relieving them of almost RM30,000.”
Hamidah said this was part of fresh incentives to be rolled out by CIMB on Labour Day to help alleviate the burden of employees in the lower income group.
“Also, single parents earning RM3,500 and below will receive 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.”
She said meanwhile, staff earning not more than RM2,000 would receive a monthly assistance of RM50 for their water bill, and RM100 in Touch ‘n Go credits to fund their transportation cost.
“These initiatives will assist them in managing their basic expenses, so they can focus on other important matters in their lives.”
Hamidah said these measures reflected CIMB’s position at the forefront of human resource development and management.
“Last year alone, the group had invested more than RM100 million and 1.5 million training hours towards developing its staff’s skills and knowledge.”
She added that CIMB’s ongoing Staff Rejuvenation Programme, which allows employees to take unpaid leave for up to a year, and Flexible Working Arrangement showcased CIMB’s “corporate-with-a-heart” attitude.
“Besides showing our appreciation for our employees, we want to ensure they are well-supported both in their professional and personal aspirations.”
Second Finance Minister Datuk Seri Johari Abdul Ghani had on Wednesday lauded the initiatives, saying CIMB was raising the bar for employee welfare in the country.
In his speech during CIMB’s Labour Day 2017 celebration, Johari also said he was heartened by the group's commitment in supporting the government’s inclusivity agenda.