05 Feb 2015 16:50pm
WINDHOEK, 5 FEB (NAMPA) Standard Bank Namibia Limited and the Bank Workers Union of Namibia (BAWON) on Thursday signed an agreement on salaries and benefits for workers.
The agreement includes a salary increase of 6.5 per cent for eligible permanent non-managerial permanent employees.
The understanding will be effective as from 01 March 2015, and all benefits will be distributed according to the Enduring Performance Management (EPM) process.
Employees who were rated as exceeded expectations following the 2014 performance assessment shall receive an increase of 7.8 per cent to their basic salaries, while those who were rated met some but not all expectations shall receive an increase of 5.2 per cent.
Those who were not rated because they did not meet expectations of the 2014 assessment shall not receive any increase to their basic salaries.
Medical insurance was also another benefit included in the agreement, and it will be applied to permanent non-managerial employees with an increase from 67 per cent to 70 per cent, and the monthly contribution by all employees as members of BLUE HEALTH reduced to 30 per cent but based on current individual options exercised.
Housing subsidies and transport allowances for all permanent non-managerial employees were also included in the agreement.
The parties agreed that rental allowance should be received by all permanent non-managerial employees who do not qualify for the housing subsidy or not residing in bank-owned property, and they shall receive an increase from N.dollars 400 to N.dollars 500 monthly.
The two parties agreed that rental allowance of N.dollars 500 be increased annually for three years as from 01 March 2015 to 01 March 2018 with the overall average inflation rate for the respective year, provided that such average inflation is not below five per cent, upon which the parties agree to renegotiate the percentage increase.
The employees who stay in property owned by the bank, those who receive housing subsidies or their spouses, or those who acquire properties through collaborative initiatives and agreements with the National Housing Enterprise (NHE) shall not be entitled to a rental allowance.
The banks chief executive officer (CEO), Vetumbuavi Mungunda believed that the agreement between the two parties is a win-win situation in which the interest of the bank and their employees are taken into account.
I am delighted to note that this mutually-beneficial agreement brings with it great excitement for Standard Bank and its employees, and I am positive that the signing will move us forward in partnership with our union stakeholders, he said.
On his part, the BAWON Secretary-General Thomas Muchima said that he is pleased with increases in the companys contribution towards the benefits of the members.