Bank employees get annual increase to cushion against tough economic storm
Local bank, Bank Windhoek announced that it will allocate an average of 7.35% in salary increases for the 2017 remuneration period. The average increase is significantly above the current inflation rate and is notable given the tough economic times of the country.
“We are happy to have reached a mutual agreement on the percentage salary increases and additional employee benefits for the 2017 financial year”, said Baronice Hans, Bank Windhoek’s managing director.
Hans further emphasised that the adjustments are performance based and will be applied as such in line with the company’s remuneration policy.
“Owing to the growing concerns in the housing market a further 13% increase has been approved on rental allowance for employees. A further adjustment has been made on study leave. Employee development is key to our success and we have therefore given two additional study leave days to all employees,” said Hans.
“We realise that everybody is going through tough times, this economy is felt not just by businesses but also by individuals. Our aim is to improve the financial situation of our employees and we will continue doing so during the next financial year. Bank Windhoek will further focus on non-monetary recognition mechanisms as well as a solid talent investment drive that will aim to grow and develop from within. This is aligned to our Capricorn Way which is the behaviours that underpin everything we do,” she added.
Furthermore Bank Windhoek thanked the Namibia Financial Institutions Union (NAFINU) for the spirit in which the negotiations were conducted and concluded.
“We would like to reassure our clients and stakeholders that Bank Windhoek will continue to drive exceptional customer service whilst remaining relevant in a highly competitive environment,” Hans added.