01 December 2004

We wish to emphasize (as part of an agreement to conclude a CA), that SBEU is fully agreeable to implement a Performance Related Remuneration System (PRRS) for AMFINANCE employees.

Such PRRS shall be equitable, fair, transparent and enforceable and dynamic and with appropriate safeguards.  There should be regular reviews and improvements.  These key features must be present in a PRRS:

• All employees shall be eligible to a performance related annual Bonus that shall be based on a performance related system that takes into account the individual employee performance, the bank performance, the nature of 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:

• 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.

• Where an employee is not satisfied with his appraisal, he may invoke the Grievance Procedure under through the Union.

However AMFINANCE, in a letter dated 20 October 2004, the management wrote SBEU as follows:

Since there is a performance based remuneration system in place we would like to maintain the same without any change to the system in place.

So what performance system does AMFINANCE HAS?

What happens is the officer will hand over a form to the employee who is directed to grade himself using pencil.

The employee passed the form back to the officer and wait and wait and wait.  He will never know how the officers and manager's grade him.  He will only knows his grade at the end of the year.  If he gets a bonus he has pleased his boss.  No bonus means his boss does not like him.  If he appeals, he gets a standard letter from the management that decision is final.

And this is the system that the management wanted to retain.

In a recent memo for the payment of bonus for 2004, the top management directed the Heads of departments (HOD) identify those staff that will NOT qualify for the full one-month bonus.

"It should only be based in you and your section head section head's assessment, without conducting an appraisal with the staff concerned".

In simple terms this means that the HOD will decided who will NOT get the full one month bonus based on their own assessment.  There is no transparent performance appraisal.

And the HOD's recommendations must be sent to HQ in SOFT copy - why? -Simple! - So that the grading can be changed by anyone without leaving a paper trail.

So this is the so call Performance pay system that the management of AmFinance wants to keep.  At all cost.

We urge all employees in AMFINANCE to stand up for their rights.

Don't let yourself continued to be exploited and be discriminated against!!