Keeping managers on their toes
During the negotiations the parties agreed to an average increase of 8% of the basic salaries of all eligible permanent non-managerial employees, effective 1 March 2014. It was further agreed that the monthly contribution by the bank for medical aid for all permanent non-managerial employees be increased from 50% to 67% at cost to the employer and that the monthly contribution by all employees as members of Blue be reduced to 33%, this on the current individual option exercised and this too effective from 1 March. Housing benefits remain unchanged.
The wage agreement is valid for one year.
Mr Mpumzi Pupuma, Chief Executive of Standard Bank Namibia said he is encouraged by the negotiations with the union as it only took two days to come to an agreement. He said the relationship with the union is ongoing and is not a once-off event. He suggested that the two parties should come together on a quarterly basis to discuss issues rather than just at the end of the year. Pupuma said he supports Trade Unions because it keeps the managers on their toes. Mr Thomas Muchima, Secretary General of BAWON said he hopes that the timely positive outcome of this process will serve as a model to other unions and companies across the different industries. He also wished for all parties within the labour force to operate collectively and co-operatively to ensure the economic growth of Namibia so that it can become a financial hub of SADC and of Africa.