10 November 2003

The assets of SBEU have increased by more than 60% during the financial year ending 31 March 2003.

For the SBEU General Fund, the amount increased by 82% to RM 2, 718,044.33 from RM1,493,867.80 the previous year. For the Benevolent Fund, the increase is from RM910,688.62 to RM1,151,149.16 an increase of 26%.

This is mainly due to the RM1.3 Million in levies that all members contributed. In a clear display of support and appreciation , SBEU members contributed a total of RM1,259.465.44 being 10% of the arrears received arising out of the Industrial Court Award 798/2002 covering the Collective Agreement between SCBA & SBEU. The levy will be utilised for the purchase of buildings, land and other fixed assets.

Apart from the levy, the main income of SBEU is the membership fees as well as from our Life and General Insurance scheme. On the expenses side, the major items are Training, Industrial Relations/Collective Agreement, salaries of staff and Honorariums/Compensation for loss of pay for officials.

The Union's financial risk management policy seeks to ensure that adequate financial funds are available for the development and functioning of the Union's operation whilst managing its liquidity and credit risks. The Union operates within clearly defined guidelines that are approved by members and the Union's policy is not to engage in speculative transactions.

We append the highlights of the Audited Accounts. The full report is available at all SBEU Branches. It will also be made available online at sbeu.org.my

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