The Setiawangsa MP said while it is not wrong for companies to reward the hard work and performance of their employees, the benefits show the highly regulated banking industry is still performing well despite the pandemic’s effect on the economy.

He said it is “very strange” that the banks and finance ministry halted the blanket loan moratorium in September last year “given that it appears the finance sector is performing well”.

“Why end it if they can still pay these bonuses?” he asked in a statement.

“All banks, especially for GLC banks that have a national mandate, should care more about the people and not pressure millions of Malaysians to earn extra income while funding high bonuses for a select few,” he said.

Nik Nazmi called on both the finance ministry and the board members of banks to explain this, adding that many Malaysians were facing reduced income or losing their jobs.