Bank South Pacific and the PNG Banks and Financial Institutions Workers Union signed a new Industrial Award 2017 to mark the improved employee benefits on Monday 16th October 2017.
This was witnessed by the Union General Secretary Mr Vera Raga, Executive members of the Union, BSP Human Resources Management team and BSP Group CEO, Mr Robin Fleming.
In signing the agreement, Mr Fleming said, "One of BSP's important core values is the People value. In BSP we thrive to ensure we live this value through not only ensuring that our employees are well trained and developed but also caring for them by providing the best employment terms and conditions in the market. As an industry leader, we believe in ensuring that our staff welfare is our number one priority. After all, the success of any organisation hinges on valuing of its employees".
The Industrial Award 2017 governs the relationship between BSP and the Union with respect to terms and condition of Employment in PNG. Under the new Award some of the improved changes to the benefits are as follows;
On call/stand-bye Allowance has been reviewed and increased.
- Meal allowance has been increased.
- Revised Redundancy/Retrenchment matrix to one month pay for every year of service
- Increased limit for repatriation of personal effects for employees
The following benefits are already in place within the organisation and have now been included in the Award for formalities;
- Eight (8) Weeks Maternity leave pay
- Risk Allowance has now been included
Union General Secretary, Vera Raga, said, "It has taken a while to have the agreement finalised from 2007 but union executives will always have to consult with its constituents who are the members of the union when negotiating with BSP to ensure the agreement is truly collective in nature and contains members aspirations. The agreement is comprehensive and contains benefits not normally enjoyed by private sector employees who are subject to the minimum or barest conditions of the Employment Act 100. A key feature of the agreement amongst others is job security in that provisions of the ILO Convention C 158 are enshrined to ensure employers must have substantiated reason to terminate employees and that employees are given a real opportunity to respond to allegations of impropriety or breach of process. It takes two to sign an agreement and the Union thanks BSP for being a good corporate citizen in meeting with its social obligations and ensuring it equals or surpasses market trends concerning remuneration and other benefits for its employees"
BSP, being an industry leader in PNG continues to improve employee benefits, and apart from the revised Industrial Award, the Bank offers generous Staff Housing Scheme with 20 % equity provided for by the bank at a staff rate with additional housing allowance, payments of bonuses, annual CPI and salary increments, provision of airfares to staff on bank initiated transfer and an offer of free Life and Medical insurance cover for all employees including the Pacific operations.