Management and unionized staff of Stanchart settle salary impasse

Management of Standard Chartered (Stanchart) Bank Ghana is now hoping to pay the salary-increases of between 13 and 20 percent for unionized staff from February. This was one of the major outcomes of the independent arbitration process of the impasse which had prevailed since September last year.

The resolution was reached last Friday, Jan 27, 2011. Both parties have among other decisions mutually agreed to implement the bank's Performance Differentiation Policy with retrospective effect from 2011.

Head of Corporate Affairs for Stanchart West Africa, Nii Okai Nunoo tells JOY BUSINESS; the positive development could be attributed to the commitment of both parties to process.

He further noted “the settlement agreement carried across board, an increase of 13 percent for all staff within the bands or grades 6 and 9 and a 20 percent increase for those in band 10.

In addition to that there's a performance for pay element which would serve as merit top-ups for staff depending on their performance appraisal for the year for the year 2010".