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SBEU and Ambank
have agreed in principle on the 2006-2008 CA.
SALARY INCREASE- 33% across the board
Every member will
get at least 33% increase, We have also improve the annual increment amounts by
as high as $84.00 Together with the tandem increase in Sarawak Allowance members
may get as high as 46% salary increase. In terms of amount take-home goes up by
$372.80 to a whopping $1255.28 a month!
The 33% salary
increase incorporated a 2 months bonus. This means that SBEU has achieved our
primary objective that members enjoy a guaranteed bonus instead variable
currently. This also means that for ex Ambank members, they have got back what
they previously had. Bonus that is incorporated into the salary has many
advantages:
· It is guaranteed- Courts have allowed Companies not to pay
Contractual bonus if company is not performing but they would not take away
salary
·
Overtime Rates & Sarawak Allowance increase
·
Additional Performance Bonus.
ANNUAL INCREMENT
In another step
towards performance pay system, annual increment will also be based on
performance as a strong safeguard, Ambank have agreed that there will be a pool
made available for annual increment each year. The total pool available shall be
equivalent to the total number of employees multiply for the increment amount at
midpoint of those rated competent.
PERFORMANCE BONUS
Members will also
be entitled to performance Bonus based on bank performance and individual
performance. There will be an open appraisal system.
Where an employee
is not satisfied with performance rating and bonus payout, he may take it up
through SBEU
EFFECTIVE DATE- I January 2006
Arrears for
Salary & Overtime will be backdated to 1 Jan 2006.
HOUSING LOAN
Any loan
amount as long as monthly repayment does not exceed 75% of gross take home
salary. Repayment until retirement. This means that maximum amount of housing
loan can reach more than $300K – current = $160K. |
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ALLOWANCES
Subsistence
allowance - $45/$53 TO $48/$56 PER DAY
Mileage claims
– INCREASE BY 10 SEN PER KM
Laundry
allowance ($50 TO $55)
Acting - $25
per day if acting for officers
Weekend
Banking Allowance - $35 per day plus O/T
HOURS OF WORK - 5 DAY WEEK
Members
earning above $2000 who work overtime will be paid full overtime rates instead
of current allowance of $10 per hour worked. Arrears will be backdated to 1 Jan
2006.
DENTAL & SPECTACLES
Spectacle and
dental allowance of $368.00 combined so that members can have more flexible
access to these benefits.
FAMILY MEDICAL
Limit
increased to $1200 a year. Members can claim up to $300 to purchase Hospital &
Surgical insurance for their spouse and children. Maternity benefits increase to
$800 per delivery
TRANSFER
Banks must
agree with SBEU on a Transfer package BEFORE they can affect transfers. There
must also be a permanent housing allowance as long as employee remained on
transfer.
SBEU EXCO put
the deal to members to vote whether or not to accept. We
recommend
to members to vote for the deal as we think the IT IS A FAIR DEAL.
Please vote
wisely–It’s your decision.
Once all
employees agreed, we hope to sign in early January 2008 and pay arrears by
Chinese New Year.
PLEASE NOTE
THAT SBEU WILL NOT SIGN THE CA UNTIL AND UNLESS ALL ELIGIBLE EMPLOYEES
ARE SBEU MEMBERS AND AGREE TO PAY THE LEVY.
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Sample Table for
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