WINDHOEK – Namibia Financial Institutions Supervisory Authority (Namfisa) workers entered a second day of strike for higher pay yesterday, with the union refusing to accept a six percent salary increment offered by the institution.
Workers at the institution stopped work on Monday over their demands for a salary increase of eight percent.
Namfisa spokesperson Victoria Muranda yesterday said the board decided to grant a six percent salary increase to staff members across the board after consideration of the relevant factors that would ensure the sustainability of the authority.
“The six percent increase is well above the inflation rate of 4.1 percent as at end of May 2019,” Muranda said, adding that despite the fact that the country is experiencing an economic slowdown, the board as an act of appreciation for the enormous contribution and dedication of the entire employees offered the six percent.
However, Namibia Financial Institutions Union (Nafinu) General Secretary Asnat Zamuee said the union was willing to accept a six percent salary increase on condition that management gets an inflationary based increase in terms of the directives issued by the Public Enterprises Ministry.
She said this condition was necessary given the huge salaries the executive committee (Exco) gets, which she said takes a huge chunk off the salary budget.
“The two deputy chief executive officers (CEO) at the institution earn a yearly salary of about N$2.3 million, while the twelve general managers earn a salary of up-to N$1.8 million,” she said yesterday.
“Namfisa rejected the inflationary based increase citing the “exemptions” in place from the finance minister granting Namfisa to pay higher salaries to its management and that the union does not have the authority to negotiate on behalf of management,” she added.
Zamuee said in furtherance of their defiance to the condition of inflationary increase to executive committee, went ahead to award six percent to the management.
“Namfisa management indicated in their submissions that the authority’s financial resources are under strain, however, despite these claims, Namfisa proceeded to award increments above the inflation rate to its Exco members,” she stresses.
Meanwhile, Muranda urges all stakeholders to remain calm saying that the authority has activated its Business Continuity Plan (BCP) to ensure customers are served despite the industrial action by some of its employees in the bargaining unit over salary increments.