Salary guideline for GLC bosses by year end

The Prime Minister’s economic adviser, Muhammed Abdul Khalid. (Facebook pic)

KUALA LUMPUR: A government guide-line on salaries and perks for top management in government-linked companies and statutory bodies will be ready by year-end, according to the Prime Minister’s economic adviser, Muhammed Abdul Khalid.

The guideline would incorporate international practises and standards and ensure a well balanced remuneration policy,” he told reporters after witnessing the signing of a collective agreement between the National Union of Bank Employees and HSBC Bank today.

“In some countries like the United Kingdom, a public company’s top management cannot have a salary higher than a prime minister, in France they kept it at 400,000 euros and in some countries, they use a median multiple,” said Abdul Khalid.

In March, the prime minister, Dr Mahathir Mohamad, had criticised the “obscenely high” salaries paid out to directors in government-linked companies.

The collective agreement covers the period July 2016 to June 30, 2019. Signed after three years of negotiations, it calls for backdated payments of between RM15,000 and RM36,000 to 200 customer service staff, a 10% salary increase as well as payment of RM600 monthly cost of living allowance.