Standard Bank to invest N.dollars 36 million on staff salary

20 Jan 2016 19:23pm
WINDHOEK, 20 JAN (NAMPA) – Standard Bank Namibia is expected to pay about N.dollars 36 million on employees salary for the period March 2016 to February 2017.
This emanates from the salary increment of 7.5 per cent and establishment of new branches countrywide, said Standard Bank Namibia Chief Executive Officer Vetumbuavi Junius Mungunda during the signing of a salary agreement with Bank Workers Union of Namibia (Bawon) on Wednesday.
“The salary increment is given by Standard Bank despite the increasingly challenging climate faced by banks to maintain business growth and sustainability and all parties considered the welfare of the employees, taking into account issues such as the rising cost of living and inflation,” he said.
The agreement includes the increment of meal-intervals from N.dollars 50 to N.dollars 60 per day (for branch-based staff); the establishment of Affirmative Action Committee, Occupational Health team; and Medial Aid of 30 per cent (employees) and 70 per cent for the employer.
Mungunda explained that the 7.5 per cent increment will be different from employee to employee based on their performance.
He added that the bank’s investment in staff will increase as the number of personnel is expected to increase from 1 600 to 1 800 staff by the end of the year.
New branches will be established in Okahandja; Mondesa residential area in Swakopmund; Divindu village in Rundu; Okongo and Katutura.
The company will spend about N.dollars 3 million per month.
He commended the parties for displaying mutual collaboration, leadership and absolute maturity during the negotiation period.
Meanwhile, Bawon's Secretary-General Thomas Muchima thanked the bank for keeping the pride of their employees and agreeing on the salary increment that will benefit all employees.
Negotiations started in December 2015 and ended recently (January 2016) in good spirit.
The bank currently has 25 branches, 25 service centres and 1 600 employees countrywide.