LTAT introduces new salary structure incorporating living wage considerations

Lembaga Tabung Angkatan Tentera (LTAT) today announced a new salary structure based on a living wage standard. The new structure includes financial measures to  specifically assist employees impacted by the current living cost challenges exacerbated  by a tepid external economy. 

The measures, recently approved by YB Senior Minister of Defence, Dato’ Seri  Hishammuddin Tun Hussein, also include adjustments to the salary payscale to help  LTAT become a competitive player to attract quality talent with the right skill sets,  knowledge and ability to add value to the transformation of LTAT towards becoming a  professional retirement fund. 

The streamlined salary structure with relevant living wage adjustments, will help address  the rising cost of living; for example, there will be a 43 percent increase in the minimum  basic pay, pushing the total gross minimum monthly income inclusive of living allowance  to at least RM2,700.  

The staff will also enjoy a salary revision at 10% for Senior Executive and above and 12%  for Executive and Non-Executive level based on the new pay scale backdated to 1  January 2021. 

Chief Executive Dato’ Nazim Rahman thanked Dato’ Seri Hishammuddin for his approval to better support their families and is a further testament to LTAT’s concern for the welfare  of each and every member of the LTAT family. 

“This new salary structure is in line with Government’s recommendation to pay at living  wage levels based on current market study, LTAT’s cost structure, as well as from several  discussions which took place between management and staff in recent months,” he said. 

Dato’ Nazim said LTAT has engaged with employees to get their views and will continue  its efforts to progressively streamline the salaries for staff to help them manage their living  expenses. 

Dato’ Nazim hopes the new measures will motivate staff to raise their productivity and  performance to fulfil LTAT’s mandate to deliver sustainable and competitive returns to  the Armed Forces regardless of the challenging investment environment.

This content is provided by Neruda Communications.

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