By Sizwe Dlamini
The Chief Executive (CE) of Standard Bank Eswatini, Mvuselelo Fakudze, has revealed that about 311 Standard Bank Eswatini employees currently qualify for annual merit awards, which include the Cost of Living Adjustment (CoLA) increases that are the subject of the ongoing strike.
This information was revealed during a press conference held at the Standard Bank Eswatini offices in Mbabane, where the bank’s staff performance records were released to the media.
Fakudze explained that while the striking employees are demanding a 6% wage increase, the highest-performing employees are set to receive an increase of 7.5% after being awarded their end-of-year merit awards.
Fakudze noted that 24 employees are already eligible for this 7.5% increment, while an additional 190 employees are on track to receive a 6.5% increase after receiving their merit awards.
“The reality is that performance records for 317 employees have been analyzed. Of these, 190 employees will receive a 6.5% increase after their merit bonus due to their strong performance throughout the year. A further 24 employees will receive a 7.5% increase following their merit bonus because of their excellent performance. Additionally, 97 employees are making good progress and will receive a 6% increment after their merit bonus. This means all but 6 employees qualify for good merit bonuses. The union is demanding a 7.5% increase, but 24 employees already qualify for this increment with their merit bonus,” Fakudze said.
Fakudze further explained that the bank cannot afford to grant the additional 7.5% increment while also paying out merit bonuses to the striking employees.
“In the end, some employees already qualify for bonuses, so awarding both bonuses and an additional CoLA increment would be redundant. The reality is that only 6 employees need to improve their performance to qualify for their bonuses. These low-performing employees will receive a 5.5% increment after their merit award so the bank is fair,” he added.
When asked for a comment, Jabu Shiba of SUFIAW, the union representing the striking bank employees, responded that bonuses are awarded once a year, whereas the Cost of Living Adjustment (CoLA) is a permanent solution rather than a one-time payment.
“We have been negotiating with the bank and recently reduced our demands from the initial 7.5% to 6.5%, and now we have even lowered it to 6%. However, the bank remains adamant about the 5.5% increment, which is why the strike has not ended. The merit bonus is a one-time payment and should not be linked to the CoLA increment,” Shiba stated.