Signed and sealed – Standard Bank Namibia and BAWON sign Wage and Benefits Agreement for the 2016 financial year. Standing left is Secretary General of BAWON Thomas Muchima shaking hands with Standard Bank Namibia’s Chief Executive Vetumbuavi Mungunda.
Standard Bank Namibia will raise its employees’ salaries by 7.5% for the March 2016 to February 2017 financial year.
An agreement signed between SBN and the Bank Workers Union of Namibia (BAWON) on salaries and benefits authorised the raise.
Since SB is one of the larger employers in the country, Standard Bank Namibia’s Head of Human Capital, Isdor Angula stressed that, “It is therefore important we remain competitive in our offering whilst striving towards becoming an employer of choice.”
Chief Executive of Standard Bank Namibia, Junius Vetumbuavi Mungunda said,“When reviewing Standard Bank’s salary and benefit increases, you should consider the bank’s overall employee offering."
SB has aimed to enhance the welfare of its employees through the development of a Learning Academy, the availability of wellness screenings for employees and the option of working flexi-hours.
It has also introduced teller incentive rewards, executive coaching sessions for managers, graduate level programs, study financial assistance for employees, senior managers and Executives wellness and medical programmes.
The bank also continues to finalise the allocation of 10% (N$300 million) shareholding to its individual employees, which Mungunda expects to conclude this year.