Standard Chartered Bank has awarded its unionized employees a K700, 000 salary increment across the board effective April this year.
Zambia Union of Financial and Allied Workers (ZUFIAW) Secretary General Joyce Nonde Simukonko has since welcomed the development.
Mrs. Simukonko said the bank did not take advantage of the global economic crisis to deny its workers the increment because it recognizes the importance role employees contributing to the institution.
Meanwhile, the Zambia Union of Financial and Allied Workers (ZUFIAW) have called on both private and public institutions in the country to strengthen thier internal quality controls and ensure transparency and accountability in the utilization of donor funds.
ZUFIAW Secretary General Joyce Nonde Simukonko said many institutions in the country lack good internal audits and this has resulted in huge sums of donor funds being misappropriated.
Mrs. Simukonko said there is need for government to put in place strict internal auditors in institutions and see to it that donor and tax payers’ money is channeled to good use that benefits the country.
Mrs. Simukonko said this during the 2009 salary increment signing ceremony for Standard Chartered Bank unionized workers in Lusaka today.
Speaking earlier, Chairman of the joint negotiating council, Ronald Chibesakunda expressed happiness with the manner the negotiations were handled.
Mr. Chibesakunda however, called on all institutions to be expeditious in concluding the negotiations in order to ensure the smooth operation of companies.
And Standard Chartered Bank Managing Director, Mizinga Melu, said the K700, 000 salary increment the bank has given its unionized employees represent 17 percent increment.
Ms. Melu said the bank has remained strong in the face of the global economic downturn adding that it has taken the crisis as an opportunity to grow as seen by the bank’s continued introduction of new products on the market.
Ms. Melu further said the bank is hopeful that the country will soon recover from the current global economic downturn.
She said the country has slowly started showing signs of recovery as seen by the increase in the price of copper.
ZANIS
Good for them.
17% is a bit on the higher side. Is it a the inflation rate?
I dont think i can work for anyone again. K700,000 does not much the increase in prices, fairs, school fees food staff. Anyway countrymen aya ama tayi mufwala, i thick you just steal. And your neighbour is Kapoko from MOH
In Zambia every one is a thief. Unless caught or implicated. If we are to request Auditors from say UK. He cant even do much work he will simply ask for the salary and much it up with the cost of leaving and one is a full time suspect
#4 LCK I think there are hard working Zambians out there who are making an honest living
Does the “Workers of Standard chartered Bank Zambia have been awarded 17 per cent salary increment across the board” and “Both ladies announced that the increment translates into K700, 000 for each employee of the bank with effect from April 2009.” entail that all Standard Chartered Bank workers get the same basic salary?
If so, then the basic salary of each StanChart wroker can be easily calculated.
On She said that even though the bank has been affected by the credit crunch, management agreed to increase the salaries because they believe that better paid employees work better how I wish the MMD GRZ could behave like this.
Let the abused of the term Global Credit Crunch and its other forms end in Zambia, please, for many have now become liars
Does it mean that every worker gets the same salary at Stanchart?How come 17% is giving 700,000 kwacha increment to everyone?This is a misleading article.
Thats good for the workers. RB you should also award your worrkers this amount
I think standard charted is doing a great job and there honest enough to say thing sare moving on well and the increase is really great. thats a job well done.
Good bank. Good pay.
Bankers are lucky employees in Zambia… so many pecks too….good for them..
#11 Thenji Stevens (Mrs) i agree with you, they are a source of envy for MOH officials
manje chosanimoni 30% tax.. nishi the increase is 490pin. unga ni 70pin. mukafako mo ndiyo malaiti na manzi, nishi muli munkongole….
Bravo Standchart. Now let’s hope David Holiday and his management team at ZAIN will also follow suit and give their staff increments as well. Workers at ZAIN have been denied increments this year for honest reason
We have a long way to go. Good for them
Bravo Standchart. Now let’s hope David Holiday and his management team at ZAIN will also follow suit and give their staff increments as well. Workers at ZAIN have been denied increments this year for no honest reason
Imwe guys thas just K4million per month on average. These people live in rented property. If one is in Lusaka, what is K4million?
It’s a good move especially from the management of the bank. The issue for managers in this day and age is how to retain quality employees and the bank is moving towards that target by offering incentives such as this one. People may be at least a bit more motivated to stay and work in this financial crisis. It’s good to see that some people are applying their education and trying to make the best of it. Good work.
Good for you guys at StanChart and I hope other employers will follow suit and not when it is negotiation time for Salaries workers must always protest because they are given what they didn’t ask for
I bet Shi Taonga you get less than K4 million per month.
thts gud for bankers,na kumbwa ine,especially wth this global people r hiding it,work hard guyz and wish a gud lucky
am reginah vincet’s sister please i need to contact mrpaul sagnia send the contacts please………..reginah