07 Feb 2014 19:00pm
WINDHOEK, 07 FEB (NAMPA) - Standard Bank Namibia and the Bank Workers Union of Namibia (Bawon) on Wednesday signed an eight per cent salary increase agreement for all permanent non-managerial employees of the bank.
The banks Head of Human Resources Isdor Angula and Bawon's Secretary-General Thomas Muchima signed the Wages and Benefits Agreement.
A statement issued by Standard Bank here on Thursday said the monthly contribution by the employer in respect of medical insurance for all permanent non-managerial employees will be increased from 50 per cent to 67 per cent.
The monthly rental allowance currently received by all permanent non-managerial staff who do not qualify for housing subsidy and/or who do not reside in Standard Bank-owned property, will be increased from N.dollars 300 to N.dollars 400 per month.
This monthly rental allowance of N.dollars 400 shall be payable only for the duration of this agreement and shall not be regarded as continued permanent benefit to employees, and specifically that the agreement shall terminate on date 28 February 2015.
The two parties agreed that the current benefit arrangement and offering pertaining to the housing subsidy remain as is as provided for in terms of the employers Remuneration and Benefit Policy of 2011.
Standard Bank's Chief Executive Officer, Mpumzi Pupuma was quoted in the statement as saying the agreement comes after two days of fruitful negotiations revealed salary increases and related benefits for his banks employees for the financial year March 2014 to February 2015.
Pupuma said the employees are the biggest stakeholders in this process, and building a strong partnership with the union is important.
This is not a once-off relationship between Standard Bank and Bawon. We have agreed to build a sound relationship and will meet on a quarterly basis to come up with mutually beneficial resolutions, he said.
Echoing similar sentiments, Angula commended the maturity of the speedy negotiations which recognised the current inflation and micro and macro-economic situation.
We took an approach of a needs-base negotiation, and we agreed that protracted negotiations will detract our business from our core focus, our customers whose world we want to move forward through the provision of quality service. Therefore, we made a commitment to set the benchmark for the financial industry and market in general, he said.