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UNION YES NEWSLETTER

March 1999
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NEWS FLASH

Year 2001
Year 2002
Year 2003

News Flash 2004

12 January 2004
13 May 2004
08 July 2004
26 July 2004
01 November 2004
01 December 2004
Year 2005
Year 2006
Year 2007

SBEU PUBLICATION

High Crime, Low Wages
- Who Gains?
Sarawak Labor Ordinance
Merger of Banks & Financial Institution
Increase Retirement Age
Customer First ?
Adapt or Die
Industrial Court Awards

HOW AMFINANCE

EXPLOITS YOU!

MANIPULATIVE, MISREPRESENTING & INSINCERE

Hoodwink their employees that they are a responsible employer with a progressive human resources management - What a joke!

While ALL other Banks & Finance Companies operating in Sarawak have granted or agreed to grant 2 salary increases to 12% and 9% to their employees since 2000, the management of AmFinances wilfully refused to grant a single sen to their employees.

For the Collective Agreement effective 1/1/2003, SBEU members in other Banks and Finance companies will get an extra of RM6.5 Million a year in salary increses alone.

On average, members will get a salary increase of about RM170 per month.  Arrears on salary will average RM3500 per member.  Total payout is more than RM8 million.

However AMFINANCE employees get nothing.

This is despite the legitimate efforts by SBEU the past 5 years to negotiate a Collective Agreement for the employees.  The management continued to hoodwink, misrepresent and resort to all sort of unethical tactics to frustrate the efforts of SBEU.

Meanwhile EON Finance, BCF, RHB Delta Finance, Southern Finance have already implemented similar terms and conditions in due course.  Affin-ACF have agreed to adopt the same CA.  AMFINANCE REFUSED.
 

For the three years from, 1/1/2000 to 31/12/2002, employees in all other banks and finance companies got a 12% salary increase.  Again AMFINANCE gets nothing.


END RESULT

End result is that based on real data and facts, employees get up to 66% less than their counterparts in AmBank- which is part of the same AmBank group.

Example, an employee who joined AMFINANCE as a clerk in 1995 earns a gross figure of RM1357 now.  However if the employee were to join any other bank that is governed by SCBA/SBEU Collective Agreement, he will be paid RM2037.45 - a whopping $680.45 or 50% more.

That translate into RM95,263.00 yes more than RM100,000; when we factored in EPF contribution.  Enough to buy a single Storey terrace house!

 


See table as below:


 

DIFFERENCE IN SALARY BETWEEN AMFINANCE AND OTHER FINANCE COMPANY FOR EMPLOYEES WITH THE SAME YEARS OF SERVICE.

 

PERFORMANCE BONUS?

The management claimed that they pay performance bonus.  Here are facts!

AMFINANCE pays an average of .08 to 1.25 months of basic salary as annual bonus.. Only one employee gets an average of 2.28 months basic salary.  Under SBEU all employees gets a minimum of 2 months basic salary as annual bonus.  On top of that most Banks and Finance Companies pays additional bonus, ex gratia or performance incentive.

ANNUAL INCREMENT

AMFINANCE EMPLOYEES ANNUAL INCREMENT are dependent on the whims and fancies of their managers.  There is nothing to stop the managers to reward their own cronies.  When SBEU proposed a more transparent system, the management reject it.

OTHER IMPROVEMENTS & BENEFITS That AmFinance Employees are much worse off.

  • EPF Contribution of 16% instead of 12%

  • Mileage allowance - Subsistence allowance

  • Family medical limit/Insurance

  • Childcare allowance

  • Dental, Spectacles claims

  • Housing Loan

 

INTIMIDATION

Meantime the management propagate a culture of intimidation, fear and misrepresentations to ensure that employees are kept out of mainstream of industrial relations practice in the Finance sector.  So much so that AMFINANCE employees thought they have a good deal.  Really?  AMFINANCE EMPLOYEES do not even get what their colleagues in AMBANK are getting!

We urge all employees in AMFINANCE to stand up for their rights.  Don't let yourself continued to be exploited and be discriminated against!!

Want to know how AMFINANCE intimidates staff?  How they cut overtime?  Cut benefits?
Watch out for next issue of SBEU Newsflash.

If this is how they treat their own employees, one can imagine how the Finance Company treat its customers.

   

Copyright © 2001 Sarawak Bank Employees' Union. All rights reserved.