26 April 2006

New Collective Agreement 2006-2008

 SBEU PROPOSE 49% SALARY INCREASE

SBEU has proposed a 49% salary increase to help cushion the suffocating impact of the fuel prices increase.  While 49% may sound high, it is still much lower than almost 100% increase in the price of diesel.

Our Current Collective Agreement (CA) expires on 31 December 2005.    We have asked members to tell us what they want in the new CA.   Members have responded enthusiastically with numerous suggestions and request. 

We expect negotiations with the Banks to begin in May 2006 and hope to conclude an agreement by 4th Quarter 2006.

To further improve productivity and efficiency, SBEU has once again proposed a performance pay system.  Part of annual bonus shall be based on a performance. Though highly controversial, SBEU believes that PRRS is the way forward because it will be beneficial to all members in the long term.  By having such a system in the CA, SBEU can prevent abuses that will occur if we allow banks to implement their own systems.

Annual Bonus shall be based on a performance related system that takes into account the individual employee performance, the bank performance, the nature of the job, the banking industry performance and other relevant factors.

The individual performance shall be appraised through an open appraisal system.  Such system shall amongst others, have the following features:

v      Clear and objective targets for the employee shall be set and agreed with the employee - such targets shall take into account the views of the employee and the union.

v         Where an employee is not satisfied with his appraisal, he may invoke the Grievance Procedure under Article 4.

The bank shall provide full disclosure of all related statistics and accounts including management accounts when determining bank performance.

We are also proposing to include sales and marketing staff and non executive officers to be under the scope of the new CA.

The complete proposal is available