7.5% for Standard Bank
Standard Bank Namibia employees are to receive a 7.5% salary increase this year, to be distributed on the principle of pay for performance effective from 1 March 2016. The bank confirmed this week that it will cost them between N$2 million to N$3 million per month and between N$25 million to N$36 Million per year.
The bank signed the salary and benefits agreement with the Bank Workers Union of Namibia (BAWON) on Wednesday 20 January after only two sessions of negotiations lasting less than two weeks. Vetumbuavi Mungunda, Chief Executive Officer of Standard Bank Namibia said that the salary increment is given by Standard Bank despite the increasingly challenging climate faced by all banks to maintain business growth and sustainability. “Both parties considered the welfare of the employees, taking into account issues such as the rising cost of living and inflation,” he added.
He also stated that the bank is finalising the allocation of its N$300 million 10% shareholding scheme to its individual employees, which is expected to be concluded during this year. “We are also introducing teller incentive rewards, introducing executive coaching sessions for managers and introducing a graduate development programme for graduates and a bursary scheme targetting learners going to university,” he concluded.
Thomas Muchima, Secretary General of the Bank Workers Union said amongst the things they negotiated on, besides the salary increment are meal intervals, which were N$50 and are now N$60, Affirmative Action and Medical Aid, which is split 70% to 30%, which means the bank will pay 70% and the employees pay 30%.
Standard Bank currently employs close to 1600 people which is anticipated to grow to about 1800 people towards the end of the year as the bank systematically completes the intended opening of eight new branches countrywide.