Nedbank and Nafinu conclude 2014 salary negotiations

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WINDHOEK – Nedbank Namibia Limited and the Namibian Financial Institutions Union, Nafinu, yesterday announced an agreement following the annual salary and benefits negotiations for 2014.

In accordance with the agreement all staff members in the bargaining unit will be receiving an across-the-board increase of 7.5 percent, which is effective from April 1, 2014. In addition, the prevailing 50/50 split (employer versus employee contributions) of medical aid contributions for bargaining unit staff-members has been adjusted in favour of the employees. The new agreement stipulates that Nedbank Namibia will increase its contribution to 60 percent in 2014, with employees contributing 40 percent. Additionally, a firm agreement has been reached, which will see Nedbank Namibia increase its contribution further to 70 percent in 2015. The 2014 wage and benefits agreement also grants wide-ranging approval to give effect to pension-backed home loans and minimum qualifying amounts for bargaining unit employees, subject to the prevailing credit requirements, in the event that staff should wish to buy homes.  Also, a 10 percent increase in the current transport allowances has been ratified in terms of the stipulations of last year’s salary negotiations.

The General Secretary of Nafinu, Asnath Zamuee, thanked the contributing parties for the smooth negotiations that led to the signing of the 2014 wage and benefits agreement. “Collective agreements and collective processes are very important for ensuring that workers receive fair wages and that their concerns are addressed at work-place level. We thank Nedbank Namibia for the professional manner in which they conducted themselves throughout the negotiations and we look forward to a mutually beneficial relationship,” said Zamuee.

Lionel Matthews, Managing Director of Nedbank Namibia, said they are aiming to make a difference in Namibia and the banking sector, in particular. “Nedbank Namibia’s ambitious growth strategy will see us creating a significant number of additional job opportunities in the next few years. With the support from our shareholders, the board of directors and every single staff-member of Nedbank Namibia, I have no doubt that we will deliver on each aspect of our strategy.”

“We regard Nafinu as a key stakeholder in our ‘Deep Green Aspirations’ in terms of which we aim to create a great place to work. This strategic intent is underpinned by career opportunities for people, developing our staff, rewarding and incentivising them in a fair manner so that we may all be geared towards making a difference for our clients,” concluded Matthews.

 

By Staff Reporter

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