Bank Windhoek employees received an 8.5 percent salary increase

Martin Endjala

Bank Windhoek has announced an 8.5 percent salary increment for all its employees following the successful conclusion of negotiations this week between the bank and the Namibian Financial Institutions Union (NAFIU).

Baronice Hans, Managing Director of Bank Windhoek, stated that for the fiscal year 2023/24, staff members would receive the mutually agreed-upon increments of eight percent on their salaries, rental, and transport allowances.

Hans explained that the increment was necessary as the bank recognizes its employees as the voice and face of the bank’s brand.

“We understand that our staff members are our most significant assets, representing the face, voice, and heart of the bank. Notably, the 8.5 percent salary increment exceeds prevailing market standards by 1 to 1.5 percent,” she noted.

“This extraordinary increase is a direct result of the outstanding achievements realized in the 2023 financial year. It reaffirms our belief that when we excel collectively, we create the opportunity for commensurate reward,” Hans added.

She acknowledged that the bank’s achievements would not have been possible without the invaluable contributions of the staff members and recognized the challenges the current economic climate presents, along with the associated burdens it imposes upon the workforce.

Meanwhile, the bank’s 2023 Annual Report, released earlier this month, indicates that during the year under review, the bank made a profit of N$1,090,639, compared to N$813,198 made the previous year. Additionally, ordinary dividends of 6516.3 cents per share, amounting to a total of N$320.6 million, were declared by the group (Capricorn) and the company, compared to N$274.6 million in the previous year.

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