BOC to introduce performance-based rewards for staff

Friday, 20 May 2011 01:12 - - {{hitsCtrl.values.hits}}

State-owned industry giant Bank of Ceylon (BOC) is to establish a performance-based rewards scheme for its massive staff.

Staff costs in 2010 amounted to Rs. 10.3 billion, marginally down from Rs. 10.5 billion but averages around 30% of value addition from BOC.

The bank last year set up a Performance-Based Rewards System Committee with the intention of introducing a Performance-Based Rewards Scheme (PBRS).

BOC’s employee base as at end 2010 was 9,348, up by 524 from 8,824 in 2009.The base comprises 8,204 full time permanent cadre (up by 666 from 7,538 in 2009). It also has 1,058 outsourced and 86 contracted employees.

Total new recruitment last year amounted 1,274, up from 282 in 2009 with 1,200 new trainee staff assistants. Over 80% of the staff is in the branch network whilst 50 management trainees recruited for the north and east and another 1,200 staff assistants joined to serve in the provinces.

Top corporate management members include six contracted employees.

Corporate management and executive management comprise less than 1% of the total staff. Executive officers including chief managers, senior managers and other office grades are 3,731 or 45% of total workforce. Management trainees plus clerical and allied grades consist 54% of the total.

Corporate management has 19 whilst at executive management level the number is 47 and BOC has 95 chief managers and 132 senior managers. Branch manager and other office grades number 3,623. There are around 4,500 employees of over 45 years of age of which 2,043 are 55 and above.

At entry level a BOC management trainee receives 25,000 a month whilst trainee staff assistant gets Rs. 12,500 and trainee secretarial assistant gets Rs. 10,000 per month.

BOC has had harmonious labour relations and has a three year collective agreement with Ceylon Bank Employees Union which expires this year. The deal provides a pay hike of 10-17% for employees in the grade of senior manager and below and 20% for chief manager and above. In 2009 the bank made an incentive payment from the profit earned.

In 2010 Rs. 146 million had been spent on training for staff including 137 overseas programmes for 405 staff as against Rs. 156 million in 2009.