Employees at Indo Zambia Bank (IZB) have complained that the bank does not pay the housing allowances while those in management positions pay themselves 40 per cent of their salaries for accommodation.
And the employees, through News Diggers! whistle-blower platform, further complained that the bank has no in-house pension scheme alleging that when one dies, their children don’t get anything.
But management could not give its position by press time.
“We do not have [an] in-house pension scheme. Imagine a big bank like Indo-Zambia Bank? And it’s government-owned. Even when you die, you will go with nothing; your children will remain suffering. Just recently, our colleague died, and he went with nothing. The other thing is that we also do not get housing allowance, completely nothing but those in management positions get 40 per cent housing allowance! And our union president seems to be compromised, it’s like he has been bought,” the employees bitterly complained.
And when contacted, IZB board chairperson, Orlean Moyo, said the issue was better responded to by the general manager of the bank since negotiations between management and the union leaders were still underway.
“You know what I can advise, can you talk to the general manager because for me I am just [the] board chairperson. So, when some of the nitty-gritty come to the chair, let management answer. I would like it to be dealt [with] at that level because they are in the process of negotiations now, so I don’t know whether this is an issue that has risen out of there. I don’t want to jump the gun. They have a meeting with the union today, there are negotiations going on but I am not part of those,” Moyo said.
Meanwhile, efforts to get a comment from the bank general manager, Godwin Ngoma, proved futile as he said, through his secretary on landline number 0211 223717, that he would only call back when free.
Last week, Moyo bragged that the bank enjoyed a solid financial performance for its shareholders in its 2017 financial year, which he noted was a clear demonstration of Indo-Zambia’s buoyancy and distinct brand.
Speaking at the unveiling of the 2017 annual report following the 33rd Annual General Meeting (AGM), which was held on May 17, 2018, at Taj Pamodzi hotel, Lusaka, Moyo said that the bank’s total income increased to K589.68 million in 2017 from K478.64 million in 2016.
“I am pleased to report that 2017 marked 33 years of the bank’s operations. Shareholders during the year under review retained capital in the bank’s share capital and reserves increasing to the level of K776.18 million as at 31st December, 2017, which is in excess of the regulatory requirement of K520 million. The total income of the bank increased to K589.68 million as at 31st December 2017, from K478.64 million, from the same period last year recording a growth rate of 23.20 per cent, while the total interest income touched K470.65 million compared to K375.65 million during the 12 months last year,” Moyo earlier said.
Indo-Zambia also declared a huge dividend to the government, through the Industrial Development Corporation (IDC), of K22.2 million following the financial institution’s exceptional performance last year.