NAMFISA calls on stakeholders to remain calm amid employee strike

The Namibia Financial Institutions Supervisory Authority (NAMFISA) urges all stakeholders to remain calm despite the declared industrial action by Namibia Financial Institutions National Union (NAFINU) on salary increase demands.

In a media statement issued on Tuesday, the Authority says it 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.

In a statement, NAMFISA Spokesperson Victoria Muranda says the Board decided to grant a 6 per cent salary increase to staff members across the board after consideration of the relevant factors that would ensure the sustainability of the Authority and strengthening the purchasing power of its employees' given inflationary pressures.

The six per cent increase is well above the inflation rate of 4.1 per cent as at end of May 2019. 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 to the mandate of the Institution approved the adjustment of six per cent, which is far and above inflation, the statement reads.

The statement indicates that NAFINU is requesting for eight per cent increase but, Namfisa board approved six per cent salary increase as the final offer, across the board with effect from 01 April, but was only effected in July, following protracted salary negotiations and unrealistic demands from NAFINU.

Namfisa employees through their union, NAFINU, on Monday have gone on strike demanding an eight per cent salary increase which was rejected by the company and the employees said they will continue with the strike until their demands are met.

Source: Namibia Press Agency