National Commercial Bank – Industrial Disputes Tribunal Award to Clerical Employees

NCBJ has advised that the Industrial Disputes Tribunal made an award in respect of salaries and benefits for most of the clerical employees of NCBJ and its subsidiaries (NCB Group). The award included an increase in salaries of 8% per annum for each of the financial years ending September 30, 2013 and 2014. The increases for those years will now have to be paid retroactively. Although the NCB Group had been making provision for salaries to be increased once the award was received, the increases awarded exceed the amounts provided. The extent to which the retroactive payments for those two financial years exceed the provisions that had been made will be taken into account in the income statement for the financial year ended September 30, 2014.