Bank Windhoek says it has granted its staff members an 8.5% increase on their salary, rental and transport allowances for the fiscal year 2023/2024, owing to an increase in revenue.
The agreement was reached on Tuesday, after successful negotiations with the Namibian Financial Institution Union (NAFINU).
“Notably, the 8.5% salary increment exceeds prevailing market standards by 1 to 1.5 percent. This extraordinary increase is a direct result of the outstanding achievements realised in the 2023 financial year. It reaffirms our belief that when we excel collectively, we create the opportunity for commensurate reward,” said Bank Windhoek Managing Director, Baronice Hans.
Hans noted that the Bank’s achievements would not have been realised without staff members’ invaluable contributions.
She further said that the Bank understands the challenges the current economic climate presents and the associated burdens it might impose upon the workforce.
“Bank Windhoek is unswerving and committed to its valued employees’ well-being and financial security,” she said.
Hans further explained that the Bank understands that its staff members are its most significant assets and that they are the face, voice and heart of the Bank.
NAFINU is a trade union in Namibia representing workers in the financial sector. The Bank Windhoek salary negotiations were held in collaboration with NAFINU over 4 sessions until a consensus was met.
Bank Windhoek’s parent company, Capricorn Group, in its annual results for the year ended 30 June 2023, reported that it had spent N$1.2 billion on employees, a 14% increase when compared to the prior year.
This comes as Capricorn Group reported a 28.7% surge in its after-tax profit which amounts to a soaring N$1.47 billion for the period.
