28 November 2003

SBEU will meet SCBA on 11 December 2003 for a final attempt to conclude a CA.

We have made a presentation to the Chairman of ABM on 21 November 2003 and ABM has requested SBEU to continue our negotiations with SCBA. ABM is where all the CEOs of the Banks are represented. In SCBA only Head of Human Resources are represented. 

While SBEU is committed to a PRRS system because we are convinced it will benefit all SBEU members in the long run, we feel that the current offer by SCBA is inadequate.

The PRRS system entails that the Annual Bonus be paid as follows:

•  One Month Fixed Bonus

•  All employees will receive an average of one month based on their performance appraisal. Employees may received higher or lower than one month, but the total pay out for all employees (excluding the one month fixed bonus) will average at least one month.

• 1st Year of implementation - the average must be at least 1.25 months.

•  Employees not satisfied with their appraisal can invoke the grievance handling procedure - this means that SBEU will have a meaningful say in the way that members are appraised.

• Individual Banks can only implement the PRRS if they have a proper and transparent appraisal system.
  

We do hope all the Banks take this golden opportunity to develop a remuneration system that is flexible, progressive and competitive to move the banking industry forward.

Since the CA has expired since 1 Jan 2003, SBEU will insist that SCBA agree to our proposals failing which we may have to refer the matter to the Industrial Court .

Full details of SBEU's presentation to ABM and final proposls to SCBA is available at our website. www.sbeu.org.my

ARTICLES AGREED TO IN PRINCIPLE
Please note that nothing is finalised yet and the agreed articles will only be effective once whole CA is agreed upon and signed.

Please click here to see the full details of SBEU's presentation to ABM and final proposals to SCBA.