President of Namibia Bank Workers Union

Secretary General of Namibian Bank Workers Union

Momentum Metropolitan management and staff      

Members of the Media

Ladies and Gentlemen

I am pleased to announce that Momentum Metropolitan Namibia is today signing a substantive wage agreement with the Namibia Bank Workers Union (NBWU), following a constructive and collaborative negotiation process.

The Agreement includes:

  • Salary increment of  7%
  • Housing allowance to increase from N$2600  to N$3000 (N$400 increment)
  • Transport allowance to increase from N$600 to N$700 (N$100 increment)
  • Medical aid contribution to remain unchanged
  • Medical aid membership should not be limited to Namibia Medical Care (NMC) and that employees will be allowed to apply for membership from other available funds in the market.
  • Only employees on a Basic Remuneration will qualify for increases on allowances.
  • Employees on a Total Package will automatically receive a 7% increase on their total remuneration which include allowances.

This agreement is in full and final settlement of all substantive matters for the year 2018/2019 and no other substantive negotiations will be entered into for the year 2018/ 2019. We commit ourselves to the implementation of this agreement and will continue to count on the sound harmonized industrial relations we are enjoying as partners.

The current economic environment continues to place significant pressure on the Momentum Metropolitan group, but we are glad to have achieved an agreement that is fair to our employees, while still ensuring our business remains viable for the long-term.

In conclusion, I will end off with a quote “Nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies – Lawrence Bossidy former COO of General Electric” ………

We look forward to continue working together in contributing to the well-being of all Momentum Metropolitan Namibia employees, because in the end “What matters to all employees, matters to Momentum Metropolitan Namibia”.

Momentum Metropolitan – Stronger than Ever.

Thank you.