Yoma Bank Human Resources (HR) Manual Contents
Contents
1. Purpose ...... 3 2. Core Values ...... 4 3. Role of the Human Resources Department (HR) ...... 5 4. Standards of Conduct ...... 6 5. Dress Code ...... 8 6. Code of Conduct and Business Ethics ...... 10 7. Speak Up ...... 18 8. Recruitment and Appointment ...... 20 9. Attendance and Leave ...... 23 10. Overtime ...... 26 11. Grievance Procedure and Disciplinary Measures ...... 27 12. Bullying and Harassment ...... 32 13. Separation from Service ...... 34 14. Transportation Policy ...... 36 15. Training, Development and Career Planning ...... 42 16. Performance Management Scheme (PMS) ...... 44 17. Personal Life and Career ...... 45 18. Job Security ...... 46 19. Welfare ...... 47 20. Loan Programmes ...... 48
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Yoma Bank Human Resources (HR) Manual 1. Purpose
1. Purpose
The HR Manual and its Policies embody the fundamental conditions of service and the basic rights, duties and obligations of Yoma Bank employees.
1.1. Policy towards Employees We recognise that the contribution of our staff will be critical to the implementation of our business strategy and to our future financial prosperity.
Our Policy is: To treat our staff equitably at all times;
To reward them fairly, taking into account their individual performance, the performance of our Bank as a whole and our competitive position;
To communicate our business strategy to them and to seek their input;
To keep them apprised of proposed changes that might affect them and to discuss any such changes with them;
To give them every opportunity to raise any grievances they may have and to deal with these grievances in an equitable and transparent manner; and
To observe all the requirements of labour law.
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Yoma Bank Human Resources (HR) Manual 2. Core Values
2. Core Values
[Under revision]
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Yoma Bank Human Resources (HR) Manual 3. Role of the HR Department
3. Role of the Human Resources Department (HR)
HR accepts that it is the responsibility of line management to manage all aspects of the Bank, including its people. It is HR’s role to support line management at all levels in implementing the business strategy of the Bank through the provision of professional support, information and advice on all aspects of employee recruitment/selection, training/development, performance appraisal, reward, appointments/promotion, transfers, demotion and separation.
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Yoma Bank Human Resources (HR) Manual 4. Standards of Conduct
4. Standards of Conduct
Employment rules and standards of conduct are essential to maintain the integrity of Yoma Bank. All employees are required to familiarize themselves and follow the rules and standards faithfully in the performance of their duties. Employees who deviate from these rules and standards will be subject to corrective action, up to and including termination of employment.
4.1. Employment Rules All employees are expected to keep punctual working hours and inform his/her immediate supervisor of any current or foreseen attendance issues. If unable to report to work for any reason, kindly ensure your supervisor is notified before your regular start time.
4.2. Uniform Certain employees will be provided uniforms after completion of his/her probation period. It is the duty of the employee to be neat and presentable at all times in order to project a favorable image of the Bank. It is compulsory that staff wear their full uniform from Monday to Friday. Deviations from the standard uniform are discouraged. It is the duty of the staff to care for their own uniforms.
4.3. Corrective Action When an employee breaches these rules and standards, department heads are expected to take correction action. The type of corrective action depends on the seriousness of the offense, the circumstances surrounding the matter and the employee’s past record. It can range from a verbal or written warning, immediate termination or even a report made to the police.
4.4. Non-Disclosure/Confidentiality The protection of confidential business information and trade secrets is vital to the interest and success of the Bank. All employees are required to sign a non-disclosure agreement (NDA) as a condition of employment.
Employees who improperly use or disclose trade secrets or confidential business information will be subject to disciplinary action, including termination of employment and legal action, even if they do not actually benefit from the disclosed information. Legal action shall be taken if employees inappropriately use information obtained during employment.
4.5. Communication All forms of communication (written or verbal) on Bank premises, with Bank employees or customers, or on social media, must be managed in a respectful manner. Management reserves the right to take action as a result of inappropriate communication.
4.6. Telephone Usage (Including Mobile Phones) Yoma Bank telephones are intended for business use only. Personal use during business hours is discouraged except for extreme emergencies. All personal telephone calls (using office phones or mobiles) should be kept brief; employees must inform family members and friends to limit personal telephone calls during working hours. If an employee is found to be deviating from this Policy, he/she will be subject to disciplinary action.
4.7. Internet Usage Internet and e-mail on office premises are for business use only. Use of the Internet must not disrupt the operations of the Bank’s computer network nor interfere with employee productivity. Usage of internet on
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Yoma Bank Human Resources (HR) Manual 4. Standards of Conduct mobile phones is strictly prohibited during office hours. If an employee is found in breach of this Policy, he/she will be subject to disciplinary action.
4.8. Substance Abuse Yoma Bank is committed to providing a safe and productive workplace for its employees. Any employee found abusing drugs, alcohol or any illegal substances will be subject to dismissal.
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Yoma Bank Human Resources (HR) Manual 5. Dress Code
5. Dress Code
5.1. Introduction Yoma Bank upholds a professional business environment. All employees should use discretion in selecting attire that is appropriate for the office and customer interaction. Employees working at the branches and most employees working at Head Office will be provided with uniforms.
Yoma Bank expects employees to dress appropriately in business attire. Because our work environment serves customers, professional business attire is essential. When selecting appropriate business attire, you should portray a professional image to customers and colleagues. Customers make decisions about the quality of our products and services based on their interaction with you. Acceptable attire includes business-appropriate Myanmar longyi, Myanmar tike pone, Myanmar jackets, suits, pants, jackets, shirts, skirts and dresses. Employees are expected to demonstrate good judgment and professional taste.
Examples of appropriate business attire include: • Slacks. Good condition, no holes, not ragged or torn. Do not wear low hanging/low rise pants that reveal the back. This could be embarrassing both for yourself and your colleagues when bending or lifting;
• Skirts. Modest length, not transparent. Wear skirts that are at or below knee level. Absolutely no miniskirts (or skirts with slits that reveal too much skin);
• Shirts. Collared, golf T-shirt. No symbols or wording that conveys religious, political, crude, profane, alcohol, tobacco, or similar messages/statements. No muscle shirts (cutoff sleeves);
• Blouses. Modest and not exposing undergarments. No off-shoulder/strapless blouses nor spaghetti straps or singlets allowed. Sleeveless blouses are acceptable, provided they are professional; and
• Footwear. Flip flops (Myanmar foot wear is acceptable), sneakers and other casual shoes are not appropriate.
Ensure that the clothing you wear is appropriate to attend a meeting. We are in a business environment. Clothing that is suitable for evening party wear should be avoided (nothing flashy). Employees who wear inappropriate business attire will be dealt with on an individual basis.
5.2. Jewelry There is no obligation to wear jewelry, but can be appropriate if professional and discreet.
Example of permitted jewelry; Watches;
Spectacles;
Earrings; and
Rings, bracelets or chains.
Tattoos and piercings are not allowed as they do not convey a professional image. Earrings and jewelry disproportionate in size and quantity are not allowed. Out of consideration for our foreign customers avoid wearing conspicuous religious symbols.
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Yoma Bank Human Resources (HR) Manual 5. Dress Code
5.3. Eyewear Ultra-hip glasses or lenses are not allowed. Glasses should always be clean to provide good vision. Wearing sunglasses outdoors is permitted but should not be worn indoors (even on the head).
5.4. Makeup There is no obligation to wear makeup. If you choose to wear makeup, it should be subtle and neat (e.g. a light day makeup composed of a foundation, mascara and lipstick).
5.5. Hands Hands must be clean and nails well manicured. If you choose to wear nail polish avoid atypical colours (i.e., green, blue or black). Nail art is not allowed.
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Yoma Bank Human Resources (HR) Manual 6. Code of Conduct and Business Ethics
6. Code of Conduct and Business Ethics
6.1. An Introduction by Executive Chairman The Yoma Bank Code of Conduct and Business Ethics (the Code) is the standard that we uphold in our relationships with customers, suppliers, employees, government and regulators. It is our commitment to these standards that are expected from all Yoma Bank personnel.
The Code gives us guidance on how these behaviours should apply to all activities of the Bank. We are all required to follow both the spirit and the letter of this Code in our dealings with others, both internally and externally, and in our personal financial dealings.
The Code is not, nor can it be, specific to each and every situation that we may encounter as an employee or director of the Bank. However, the intention of the Code is clear and includes actions that can be taken to address any concerns.
Each employee has a personal responsibility to read and understand the Code. If you are in doubt about any part of the Code please consult your manager.
If you suspect that a breach of this Code or of any Bank Policy has occurred, you are required to report this to your manager or raise your concern as described in the Bank’s Speak Up Policy.
I request each of you to personally review the Code and familiarise yourselves with its contents.
Thank you,
U Theim Wai @ Mr. Serge Pun Executive Chairman, Yoma Bank
6.2. Compliance Policy This Policy applies to all employees and directors of Yoma Bank. Yoma Bank provides a wide range of financial services to customers. We respect the Labour Employment Law of Myanmar and are committed to operating with integrity & accountability. Specifically we are committed to:
Complying with the legal, regulatory and other requirements of Myanmar; and
Acting honestly, fairly and reasonably in all dealings with customers, suppliers, employees, government and regulators.
By complying with the letter and spirit of the law and regulations, we aim to:
Preserve the reputation and integrity of, and engender trust in, the Bank;
Meet the requirements of all regulatory bodies;
Avoid adverse publicity associated with noncompliance;
Minimize the cost of fixing breaches or other mistakes; and
Protect the business of the Bank and its staff.
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Yoma Bank Human Resources (HR) Manual 6. Code of Conduct and Business Ethics
All staff have a role to play in achieving these objectives.
1. As an employee of the Bank, you are personally accountable for compliance with the letter and spirit of this Policy.
2. You must act with integrity in all internal matters and in dealings with customers and other parties with whom the Bank is connected. Inappropriate language is never permitted, particularly when customers are present. No employee should act in a manner that could damage our reputation. Care should be taken in all forms of communication such as disputes and official documents or writing and posting comments and photographs on Facebook and other social media.
3. Where you have doubts or concerns about any matter relating to compliance with legal or regulatory obligations, you have a duty to:
Discuss the matter with your manager;
Discuss with senior line management; or
Bring it to the Bank’s attention independently of management, via the Bank’s Speak Up Policy.
4. You will not be criticised by management, nor will you suffer as a consequence of bringing a suspected breach of our legal or regulatory obligations to the attention of the Bank through appropriate channels.
5. Employees who knowingly witness explicit noncompliance with legal or regulatory obligations, and who then fail in their duty to report the activity, are placing themselves at risk of an allegation of involvement in the non-compliant activity, and consequently exposure to the associated sanctions.
A good reputation is hard won, and easily lost. Every employee has a role to play in protecting our reputation.
6.3. Yoma Bank Values
Yoma Bank is committed to sustainable corporate management and social responsibility. Our role in the business world is characterized by practising responsibility towards our customers, employees, shareholders and society as a whole.
The Yoma Bank Code of Conduct and Business Ethics defines the basic values of our Bank and constitutes the foundation of a corporate culture that is orientated on responsible ethical principles and is in conformity with the laws of Myanmar.
Yoma Bank Values consist of:
[under revision]
6.3.1. Persons to whom this Code applies
This Code applies to all employees of Yoma Bank. By way of definition, employee means any person employed on a contract of employment, whether full-time or part-time, permanent or temporary, fixed-purpose or fixed- term. This Policy also applies to all directors of the Bank and its subsidiaries.
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Elements of the Code continue to apply after an employee has left the Bank (see sections 6.3.3.2. through 6.3.3.4.).
6.3.2. Your Personal Responsibilities under this Code 6.3.2.1. Act with Integrity and Honesty You are expected to act with integrity and honesty in all internal matters and in your dealings with customers and other parties with whom the Bank is connected. This is an overriding principle that should govern all your actions and decisions.
The reputation of the Bank depends on the conduct of individual employees. In performing your duties, you are accountable for your conduct to colleagues, line management, your compliance officer, customers and shareholders.
If you are in doubt about any of your proposed actions or decisions, consult your manager, compliance officer or senior line management. Often a good test, if in doubt, is to ask yourself the following questions:
Transparency: “Would I be comfortable if my actions became public?” Effect: “Have I fully considered the harmful effects of my decision and how to avoid them?” Fairness: “Would my decision be considered fair by everyone affected by it?”
If you become aware of any fraud or irregularity by an employee or customer or any activity likely to damage the reputation or integrity of the Bank, you must promptly report it to your manager, senior line management, or as prescribed in the Bank’s Speak Up Policy.
6.3.2.2. Report Wrongdoing You are obligated to report suspected breaches of this Code of Conduct and Business Ethics or of any Bank Policy or Code. You are safe to raise any concern in good faith to the Bank or to an appropriate authority.
A report made in good faith means a report of wrongdoing, where the person making the report has reasonable cause to believe the concern is true, and the report is made without malice.
“Wrongdoing” means a breach or suspected breach of these standards, or a concern with respect to potential improprieties including but not limited to matters of financial reporting, financial control, accounting and auditing or other matters.
All employees are accountable for their actions and, as such, the Bank regards genuine reports as witnesses of wrongdoing, not as complaints. We hold each other accountable, so an individual making a properly motivated report in good faith is acting to defend the Bank’s reputation and integrity, and is supporting the word and spirit of this Code of Conduct and Business Ethics. However, such a report should not be treated as an alternative or substitute remedy for staff disputes properly considered in the context of grievance procedures.
If you wish to raise a concern, you should do so in accordance with the procedures set out in the Bank’s Speak Up Policy. A dedicated email address, [email protected], has been created for employees to submit their reports to the Head of HR. The Head of HR will follow up on these reports directly with the CEO who will then decide on the appropriate course of action.
All reports made in good faith and resulting investigations will be kept confidential, unless disclosure is required under any enactment, regulatory requirement or court order. Separate specific legislative/regulatory frameworks will be directly applicable to certain business units and this Code does not replace such provisions.
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Yoma Bank Human Resources (HR) Manual 6. Code of Conduct and Business Ethics
6.3.2.3. Avoid Conflicts of Interest You must avoid situations where personal interests conflict, or appear to conflict, with the interests of the Bank or its customers. You must take appropriate measures to recognise and manage situations where a conflict of interest does arise.
For the purpose of this Code, a conflict of interest occurs when an employee’s private or personal interests interfere, or appear to interfere, with the interests of the Bank or its customers. A conflict situation may arise when an employee takes actions or has interests which make it difficult to perform his or her duties objectively and effectively. Conflicts of interest may also arise when an employee, or a member of his or her family, receives personal benefits as a result of his or her position in the Bank.
You cannot engage in the selling or promotion of any product or service where there is any conflict with the Bank, or where there could be a perception of a conflict with the Bank.
Information received in the course of our business dealings should not be used for personal gain or any purpose except that for which it is given.
It is vital that customers and potential customers have confidence in the Bank. You must avoid actual or apparent conflicts of interest, some possible examples of which follow below.
Employees must have prior written approval from a Management Committee member or a direct report of a Management Committee member before accepting any external positions or outside interests, or any gift or invitation that could be perceived to be a conflict of interest (see paragraphs 6.3.2.3.a., 6.3.2.3.b. and 6.3.2.3.e.). The approval should establish the permissible parameters and processes for addressing potential conflicts if required. The request for approval should be routed through your manager. This approval is subject to renewal at least every three years. If it is not renewed it will be deemed to have lapsed. It is the employee’s responsibility to re-apply for approval.
A conflict of interest can occasionally occur within the Bank. If you are subject to an internal conflict of interest, you should seek guidance from your manager on how to handle the situation.
6.3.2.3a. External / Private Interests As a Bank employee, you are encouraged to actively participate in the communities in which you live and work. The Bank is supportive of employees who undertake work for, or accept positions in, organisations that benefit their communities.
However, in normal circumstances you should not hold a position or have an outside interest that materially interferes with the time or attention that should be devoted to your duties in the Bank.
6.3.2.3b. Business Involvement The primary business duty of employees is to the Bank and any external business activities that conflict with this duty must be avoided.
If you are considering becoming involved in any capacity in a business outside the Bank, you must have prior written approval as described above.
If your involvement is approved, you are required to be alert to any potential conflict of interest that may arise while holding such role. Where a conflict arises, or seems likely to arise, you are obligated to discuss the situation with your manager so that any potential negative impact for the Bank can be managed.
You must ensure that professional endeavours you are involved with outside the Bank understands that you are acting in a personal capacity and that you do not represent Yoma Bank in any respect.
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Yoma Bank Human Resources (HR) Manual 6. Code of Conduct and Business Ethics
Any financial transactions relating to approved business interests should be negotiated through separately designated and properly established accounts. Accounts designated as staff accounts must not be used for such purposes.
You should be particularly careful to observe the provisions of this Code when considering a business relationship with a Bank customer: in particular, your involvement in such an activity remains subject to this Code even if a third party - such as a spouse - maintains the formal link to the venture.
6.3.2.3c. Political Activities If staff wish to be members of a political party, prior disclosure is required. This does not in any way interfere with an employee’s right to vote in Myanmar’s political system.
6.3.2.3d. Transactions with Related Parties You are prohibited from approving or providing exceptional treatment to Related Parties (for example, lending on favoured terms, covering trading losses or waiving commissions, charges or fees).
For the purpose of this Code, the term “Related Parties” includes your spouse or family members, any other significant relationship, any entity controlled by you or another Related Party, or any entity with which you are associated.
6.3.2.3e. Gifts and Invitations You may not accept gifts, sponsorships, invitations or other benefits if they could be deemed to influence or compromise your position or any business decision of the Bank.
Accepting gifts, sponsorships, invitations, money, hospitality or any other benefit may create an appearance of impropriety or may raise a potential conflict of interest. You may not accept any gift that might influence or appear to influence the decisions that you make involving the Bank.
Modest gifts and favours up to a limit of 25,000 Kyats which would not be regarded by others as improper may be accepted on an occasional basis. If the gift exceeds the limit of 25,000 Kyats, you should (i) reject the gift, or (ii) notify your line manager who should seek guidance from HR. You should notify your manager about all offers of gifts, sponsorships, invitations and other benefits which could be seen to compromise your integrity regardless of whether you accept the offer.
The Bank’s Chief Compliance Officer will issue local guidance on (a) the offer of gifts, sponsorships, invitations and other benefits which may not be accepted without prior approval and (b) offers you must notify your manager about, regardless of whether you accept the offer. If you have questions regarding the appropriateness of a gift, invitation or other benefit, you can discuss this with your manager or compliance officer.
As a general rule, meals, refreshments, entertainment, accommodation or travel of reasonable value should only be accepted on the basis that the expense would be deemed an appropriate business expense if it were to be charged to the Bank.
6.3.2.3f. Bribery and Corruption We do not tolerate any form of bribery or corruption. We do not accept or grant any improper advantages (inducements) of any kind, irrespective of whether the person offering or demanding such advantage is working in the public or private sector or given in good faith (such as after the event).
We are careful in our selection of business partners, advisors, intermediaries and all other parties supporting us in doing business. We also ensure that such parties do not pay or accept bribes or facilitate payments within the scope of their business relationships with Yoma Bank.
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Yoma Bank Human Resources (HR) Manual 6. Code of Conduct and Business Ethics
6.3.2.4. Your Financial Affairs You should conduct your own financial affairs in a prudent manner and avoid financial situations that could reflect unfavourably on the Bank or on yourself.
Employees are free to assume appropriate financial commitments and obligations. However, as an employee of a financial institution, you should be aware of the dangers inherent in overextending yourself financially and exercise particular care to keep your financial affairs, including your tax affairs, in good order.
You should never engage in any transaction that is inappropriate to your position in the Bank.
Any employee who finds him or herself in a difficult financial situation should seek advice from their manager, senior line manager, or Head of HR.
6.3.2.5. Follow the Code You are responsible for knowing the contents of this Code of Conduct and Business Ethics and adhering to the standards as detailed herein. Where you are responsible for managing other employees, you should ensure that they make themselves aware of the provisions of this Code.
Where this Code refers to the need for you to have 'approval' for any action, you must apply in writing for such approval, ensure that the approval is confirmed in writing, and retain written records.
The Bank may, from time to time, assess your awareness, knowledge and compliance with this Code. You may also be asked to make a declaration of your awareness and understanding of the Code and its implications for your duties.
If a situation arises where you find yourself inadvertently in breach of this Code, you should immediately consult your manager, senior line management or the Head of HR who will deal with the matter in a sympathetic manner and assist you in ensuring that the breach is remedied effectively.
However, a wilful breach of any provision in this Code or failure to disclose a known inadvertent breach will be regarded seriously and may lead to disciplinary action which may include dismissal.
6.3.3. Potential Role Responsibilities 6.3.3.1. Legislation / Regulation / Codes of Practice and Bank Policy All business decisions and actions taken must comply with the Labour Employment Law of Myanmar, any applicable regulatory directives, all relevant codes of practice (including voluntary codes to which the Bank subscribes) and all Bank policies.
At all times, we must treat others as we would like to be treated ourselves with particular attention to Yoma Bank’s values.
As indicated in the Compliance Policy, the Bank is resolute in its commitment to compliance in full with legal, regulatory and other requirements of the various jurisdictions in which the Bank operates and will provide guidelines covering such requirements which must be followed at all times. The Bank does not approve of any actions which breach these rules, even if you believe that such actions are performed for the benefit of the Bank. Where your position requires you to make judgments on behalf of the Bank, the Bank requires you to comply in full and make your decisions with complete integrity, honesty and transparency, and to be accountable for your decisions.
It should be noted that you and/or others may be disciplined internally or prosecuted externally for any failure to comply with legislation or regulation dealing with taxation, money laundering, company law, data protection, consumer protection, competition law and health and safety legislation or other relevant
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Yoma Bank Human Resources (HR) Manual 6. Code of Conduct and Business Ethics regulations or codes of practice. You must adhere to any specific guidelines published by the Bank now or later on these subjects. Falsification or concealment of records, interference in auditing processes or illegal destruction of documentation are all prohibited under this Policy.
Once again, if you are in any doubt as to how any of these subjects affect you, you should raise the matter with your manager, senior line manager or compliance officer.
6.3.3.2. Confidential Information You should treat all information obtained through Bank employment as confidential unless there is unambiguous evidence or indication to the contrary (for example, a direction from management or a customer). You must only use confidential information for the proper performance of your duties. Confidential information should only be discussed within the Bank on a “need to know” basis, and should never be discussed outside the Bank.
You may not, without authorisation, release information regarding any aspect of the Bank’s activities to any third party, including news media. If asked to comment on any aspect of Bank business by an external party, whether it is a casual or a targeted question, you must obtain CEO approval and refer the person to the Bank’s communications department.
You have a duty to ensure the confidentiality of Bank, customer and employee information by complying with relevant internal information security legislation.
In addition, you must comply with data protection and privacy regulations that protect the privacy and integrity of personal data. When you handle personal data, you are in a position of trust. It is important to ensure that personal data is only used for the purpose for which it was collected. Unauthorised disclosure of personal data could lead to the Bank, a business unit or an individual being prosecuted. Personal data must only be used to assist you in the legitimate performance of your duties; it must never be disclosed to unauthorized third parties.
It should be noted that you and/or others may be disciplined if you breach the Bank’s standards associated with data protection and privacy (which include password standards, confidential information encryption, and third party data access).
6.3.3.3. Provision of Advice You must not give legal, tax, accounting or investment advice to any customer unless you are appropriately qualified and specifically authorised to do so as part of your job description. In general, customers should be told to seek professional legal, tax and accounting advice from their own advisors. It is acceptable to provide customers with a list of professional advisors from which they can choose.
6.3.3.4. Accounting Complaints The Audit Committee is responsible for ensuring our procedures for the receipt, retention and treatment of such complaints are established and executed in line with our obligations under legislation. Should you receive a complaint regarding the Bank’s accounting, financial control or audit processes (including a complaint from a third party such as a shareholder or customer), you should direct the complaint immediately to the Audit Committee.
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Please consult your manager, senior line management, compliance officer or Head of HR if you have queries in respect of any aspect of this Code. Always remember, if in doubt - Ask! To seek advice about raising a concern, or to make a report, please refer to the Bank’s Speak Up Policy or contact:
Ms Mi Mi Thet Head of HR Email: [email protected] Phone: +951370093 ext: 319
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Yoma Bank Human Resources (HR) Manual 8. Recruitment and Appointment
7. Speak Up
7.1. Speak Up Policy All Yoma Bank employees are required to report any suspected breach, or potential breach, of our Code of Conduct and Business Ethics. We will investigate reports and take action when necessary. We will not tolerate harassment or retaliation against anyone who seeks advice, raises a concern or reports a suspected breach.
7.2. Policy Rationale Failure to operate in accordance with Code of Conduct and Business Ethics represents a risk to the reputation of Yoma Bank and could threaten the continued success of our business. If breaches occur despite our system of internal controls, reports by personnel and others provide a means for Yoma Bank to initiate proper investigation and take necessary action. We therefore require all employees to report actual or suspected breaches.
7.3. Manager Responsibilities If a manager receives a report of a concern (in their capacity as a line manager or otherwise), they must deal promptly with the issue raised in accordance with applicable Yoma Bank reporting requirements, seeking guidance from HR or Compliance when necessary.
7.4. Why have a Speak Up Policy? Having a Speak Up Policy, which is run in an open and transparent manner, is part of good business management for a number of reasons.
7.4.1. Good risk management If an issue is raised internally first, and acted upon, it is likely to minimize reputation damage. If employees contact their managers, rather than the press or the regulator, about actual or suspected malpractice, the problem can be corrected before it escalates. Through helping to ensure adherence to both the law and an organisation’s code of ethics, it can also help to reduce an organisation’s legal claims.
7.4.2. Maintain and improve performance Speaking Up can be viewed as part of a general strategy to maintain and improve performance. By deterring malpractice and averting crises a Speak Up Policy can contribute to the efficient running of the organisation. Reporting issues will detect and possibly deter any further wrongdoings, creating an open culture. It provides the senior management of an organisation with the information they need to assist in decision-making and risk control.
7.4.3. Protect staff, customers and the public An effective Speak Up Policy can protect employees from health and safety issues or bullying and harassment from other employees. Customers and the public can also be protected from the effects of malpractice (such as overcharging).
7.4.4. Reduce financial losses Most organisations may have been or will be the victim of fraud or theft at the hands of their own employees. The 8th Ernst & Young Global Fraud Survey found that 85% of the worst frauds against companies were committed by employees. One in five employees stated that they were personally aware of people stealing from their employers. The rate of recovery from financial losses (from all sources) was just 51%.
7.4.5. Improve staff morale and reduce staff turnover A Speak Up Policy sends a strong message to all levels of the workforce that bad practice will not be tolerated.
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A working environment in which it is clear that bullying, harassment and discrimination are not tolerated reassures employees that their concerns are important, and encourages problems to be brought to the attention of management internally rather than through an external agent such as the media. It makes for a happier workforce if employees believe that mutual trust exists. With staff morale and loyalty increased, retention rates are higher and attracting potential recruits is easier.
7.4.6. Increase investor confidence A Speak Up Policy will help to improve investor confidence by demonstrating that the organization is serious about good corporate governance and has robust risk management measures in place.
7.4.7. Lower insurance premiums As management processes are assessed when insurers set premiums for director and officer liability insurance, having a Speak Up Policy in place, and disclosed to the Bank’s insurer, may lead to lower premiums.
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Yoma Bank Human Resources (HR) Manual 8. Recruitment and Appointment
8. Recruitment and Appointment
8.1 Equal Opportunity Our Policy is to provide equal opportunities to all our employees. This will be guided only by a person’s ability to do the job.
This Policy will be effective when: Each employee experiences equality of opportunity regardless of factors such as his/her religion, sexual orientation, marital status, age, family commitments, disability, creed, colour or ethnic background.
8.1.1. Equal Opportunities for All We are committed to developing the abilities of all employees according to their individual merit, to the best efforts of both Bank and employees.
8.1.2. Management responsibility While all employees are responsible for implementing the Equal Opportunity Policy, the primary responsibility lies with each level of management.
This Policy will be effective when: There is acceptance by all management that the successful implementation of this Policy is in the Bank’s best business interest;
The only basis on which an employee is recognised is on his/her ability and contribution; and
When employees believe that management is successfully implementing this Policy.
This Policy will not be effective if: They evoke cynicism from employees regarding the Bank’s commitment to implementing them; and
Lack of opportunity in the Bank can be attributed to discrimination.
8.1.3. Unity in Diversity We recognise the existence of different cultures in our Bank, including religion and even gender-based cultural values. In order to prevent cultural discrimination we will encourage employees to appreciate the cultural differences between individuals and groups.
This Policy will be effective when: Positions in the Bank are not biased towards any one cultural grouping;
Questions asked to candidates at recruitment or selection are not culturally biased;
Recruitment, selection, goal setting, performance appraisal, reward and communication processes do not discriminate on the grounds of cultural values; and
It is recognised throughout the Bank that effectiveness can be achieved in different ways – “doing things differently doesn’t mean doing them wrong”.
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8.2 Recruitment and Selection 8.2.1. Selection Based on Merit Selection for all positions will be based on merit, that is, on the performance, capability and suitability of the individual. Selection will take place on the basis of fair and objective selection processes.
This Policy will be effective when: Selection decisions take account of all relevant factors such as performance, capability and suitability. Examinations or interviews are seen as only one element in the selection process;
Internal candidates receive honest feedback on all factors on which the decision was based. This feedback is professionally delivered and aimed at the development of the candidate;
Members of selection/interview panels are proficient in carrying out their role; and
The processes by which candidates are eliminated are seen as fair and non-discriminatory.
8.2.2. Equality of Opportunity Our recruitment and selection processes for all prospective and existing employees will take place on the basis of equality of opportunity and will be guided only by the capability of candidates to do the job.
This Policy will be effective when: Applications for vacant positions are representative of the eligible population; and
Successful applicants are chosen only for their suitability/capability to do the job.
This Policy will be ineffective if: There is evidence of inequality in selection decisions.
8.2.3. Pre-Employment Employees are required to provide information regarding their personal history, academic achievement, professional qualification, and employment record.
8.2.4. Employment A letter of appointment stating the terms and conditions of employment will be issued by HR to the new employee together with the HR Manual for reference.
8.2.5. Probationary Period Every new employee will be required to undergo a probationary period of three months from the date of commencement of duty. Confirmation is based on employee performance. The probationary period may be extended for a further period up to three months if deemed necessary.
8.2.6. Promotion Policy Across the Bank It is Yoma Bank Policy to appoint the most suitable employees to fill vacancies. All employees will be given every opportunity for career growth within the Bank. Employees will be considered for promotion if he/she is suitably qualified and deserving of such a promotion. For example, if an employee joins as Junior Clerk, 1.5 years of good performance will lead to promotion to Senior Clerk. All other promotions will be based on performance and reviewed yearly. Salary increases tied to cost of living will also be reviewed yearly.
An employee may be eligible for an "off-cycle" salary adjustment at any time; this may be because of outstanding performance, changes in responsibility or moves in the salary market to which the employee has
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Yoma Bank Human Resources (HR) Manual 8. Recruitment and Appointment his/her compensation referenced. In such cases managers can make a recommendation for an increase, which is reviewed by the committee and approved as required.
At any time a particular group of employees may be eligible for an "off-cycle" salary adjustment; this would typically be because of moves in the salary market to which the employees have their compensation referenced.
At any time an employee may be eligible for a promotion, change of job, transfer etc. which would typically require a salary review.
Promotion from within is a key principle at Yoma Bank, and a significant majority of senior staff have reached their current positions through career development in the Bank. In line with this Policy, applications would be encouraged from candidates who feel they meet the advertised job requirements regardless of where they are employed in the Bank. It is our Policy to fill vacancies from within the Bank where possible. Where business needs dictate or where suitable candidates are not available internally, external candidates will be considered.
Once promoted, staff would receive a salary increase but if performance is not satisfactory after 3 months, staff may be asked to revert to their previous position and salary, or may be let go.
This Policy will be effective when: All employees in the Bank feel free to apply for any vacancy for which they believe they meet the advertised job requirements;
There is staff movement across the Bank and this is evidenced statistically;
A large majority of all vacancies at all levels are filled from within the Bank;
Career progression for non managerial/clerical employees is limited only by the criteria which apply to managerial/clerical employees and by the preferences of these employees themselves; and
Appointments take place across regions and between Head Office and branches in a way that convinces employees that the Policy is operational.
8.2.7. Termination of Services During the probation period, Yoma Bank is required by law to give one month notice. If one month notice cannot be given then one month salary should be given. Staff are required to give seven days notice.
After the probation period, either party may terminate the employment by giving one month notice in writing or as specified in the contract. The Bank reserves the right to keep the employee on payroll during this period, to make a lump sum payment in lieu of notice or to terminate the employment without notice if the employee breaches the Rules and Regulations as set out in the Separation from Service Policy within this Manual.
8.2.8. Appointments/Transfers The Bank retains the right to transfer employees between locations but will take both business needs and individual preferences into account in carrying out appointments/transfers. Request from individuals to remain in a particular location will be considered but the availability of the individual to move will be favorable to the person's promotional prospects.
This Policy will be effective when: Consultation takes place with employees prior to Appointment/Transfer; and
Employees understand that location flexibility can enhance career prospects.
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Yoma Bank Human Resources (HR) Manual 9. Attendance and Leave
9. Attendance and Leave
9.1. Annual / Earned Leave All permanent staff are entitled to annual leave after one year of service. Annual leave entitlement, unless otherwise stated, will be as follows:
Length of Service Annual Paid Holiday After first year of service 12 working days After 5 years of continuous service 14 working days After 10 years of continuous service 16 working days After 15 years of continuous service 18 working days
All branch managers and department heads are requested to submit a 3 month leave plan in advance to the HR department. In addition, all staff are required to submit annual leave forms at least three days in advance to the respective department head for approval before taking annual leave. Any staff going on annual leave without approval may have their salary cut in addition to annual leave deduction. Any staff who requires leave without pay must request approval from the respective department head. Staff taking leave without approval will be given warning as per the Disciplinary Procedure and 1.5 times daily wages would be deducted. If Saturday is a working day, Saturday will be considered a one-day leave.
Each department head must monitor the quantity of staff allowed to take leave around public holidays. Annual leave should be taken during the current financial year (1 April – 31 March). In exceptional circumstances, and with approval of the CEO, leave may be carried into the following year. However, no more than one year's entitlement can be carried forward. Untaken leave will be forfeited and not paid out as a cash equivalent.
9.2. Sick Leave Employees who have completed at least six months of service are entitled to sick leave of six days per year. Any sick leave of more than three days should be documented by a medical certificate. Employees should notify their supervisors as soon as possible regarding absence for medical reasons. Failure to do so may result in deduction of salary for the days absent.
9.3. Medical Leave Employees who have completed at least six months of service are entitled to medical leave of not more than 30 days with full pay in a year after submitting the appropriate medical certificate (which shall lapse if not taken within one year). In the event of absence due to severe sickness exceeding 30 days under Medical leave, Yoma Bank may: Extend sick leave without pay for a further period;
Review sick leave arrangement; or
Terminate employment on ground of incapacity.
9.4. Marriage Leave Employees who have completed at least six months of service are entitled to marriage leave of six working days. Marriage leave is to be supported by either invitation or marriage certificate after the wedding. Application of marriage leave should be submitted beforehand.
9.5. Maternity Leave Female employees who have completed at least six months of service are entitled to maternity leave of 98 days (6 weeks before delivery and 8 weeks after delivery).
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Yoma Bank Human Resources (HR) Manual 9. Attendance and Leave
9.6. Paternity Leave Male employees who have completed at least six months of service are entitled to paternity leave of 15 working days at the time of the childbirth with medical certificate and supervisor’s approval.
9.7. Compassionate Leave All Employees are entitled to compassionate leave of seven days per year in cases of death of immediate family members which includes parents, spouse, children, brothers and sisters. Compassionate Leave days include weekend and public holidays.
9.8. Casual Leave Employees who have completed at least six months of service are entitled to casual leave of six days with department head approval. Application forms can be submitted beforehand or when work is resumed the following day.
9.9. Rest Day An employee is entitled to have at least one rest day each week for shift duties and two rest days for office duties (i.e., Saturday and Sunday). The rest day may be scheduled by the respective department head. If an employee is required to work on his/her rest day, a substitute rest day will be scheduled by the respective department head.
9.10. Public Holidays All employees are entitled to public holidays gazetted for each calendar year. Depending on the nature of the operation, where it is deemed necessary for an employee to work on public holidays, the employee shall be reasonably paid per the Overtime Policy.
9.11. Study Leave 9.11.1. Introduction Yoma Bank promotes an environment of training, learning and continuing professional development for all employees. In line with its values of integrity, service, stability and people, this Policy provides the guidelines on types of learning and training criteria and application procedures for study leave and courses.
9.11.2. Aim The aim of this Policy is to ensure that all employees are aware of the application procedures for training, to ensure that all requirements are met and that all employees have equal access to training and development opportunities.
9.11.3. Scope The scope of this Policy extends to all employees.
9.11.4. Responsibility HR is responsible for ensuring that all staff have access to this Policy and for ensuring that managers understand their respective role and responsibilities.
HR, together with the training department, will commission training and development programmes (including induction programme) in accordance with the needs of the organization and individuals as highlighted through the Performance Management Scheme (PMS). Managers must complete these programmes with their staff each year and review semi-annually. PMS must be sent to the HR department annually with new training or development needs brought to the attention of HR. Managers are expected to know and apply the Attendance and Leave Policy and ensure that procedures for accessing training and development, either informally or formally are known by all.
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Yoma Bank Human Resources (HR) Manual 9. Attendance and Leave
Managers are responsible for evaluating the impact of learning and development provided to their staff throughout the year. This may entail discussing the learning, assessing improvements to performance and ensuring that learning is shared with colleagues. This will seek to ensure that opportunities are being identified appropriately and the added value of these programmes can be assessed. Staff are expected to participate in all mandatory training programmes, including induction sessions.
9.11.5. Criteria for Study Leave Learning priorities and objectives should be discussed and agreed to by manager and employee as part of the PMS.
Priority will be given to learning activities (including courses) which are relevant to the work objectives of the applicant's current post, or to maintain professional status.
Consideration will also be given to development opportunities to support promotion or succession planning, particularly where positive action initiatives will support Yoma Bank's aim of promoting wider diversity within the organization.
Applicants should identify key areas of knowledge they wish to gain, what they will do differently as a result of the learning and how the Bank will benefit.
Applicants must be willing to undertake evaluation of their learning activities and share knowledge and skills gained, where appropriate, with colleagues.
9.11.6. What Yoma Bank Will Provide Time Applicants who meet the above criteria will usually be supported by a full contribution to the time required for attendance at single courses, workshops, seminars or development activity during working hours. Where the request is for a long term course (e.g. to gain a professional qualification), leave requests will be negotiated on an individual basis. All leave requests must be discussed with the manager. Managers must give due consideration to issues of equity and consistency in these scenarios.
Study leave for examinations Employees who have completed at least six months of service are entitled to examination leave of seven working days per year. Examination leave will be granted only with documents to prove that examination will take place on specific dates. Employees will not be given any extra days if they wish to sit for more than one examination. If leave is taken in excess of seven days, the extra days taken will be deducted from his/her annual leave or from his/her salary. Application for examination leave must be submitted beforehand.
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Yoma Bank Human Resources (HR) Manual 10. Overtime
10. Overtime
10.1. Working hours The maximum number of hours that can be worked in a normal week is 44, with a maximum of 8 hours per day. Employees who work over these limits are entitled to overtime pay at two times their normal rate.
10.2. Entitlement All Yoma Bank employees are entitled to overtime under the Factory Act except for those employees holding the position of Manager and above and shift workers (such as security guards).
10.3. Maximum overtime Entitled employees can work a maximum of 16 overtime hours per week.
10.4. Rate All entitled employees will be paid two times the normal rate for all hours worked over 44 hours in a single week (but no more than 60 total hours per week).
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
11. Grievance Procedure and Disciplinary Measures
11.1. Grievance Procedure 11.1.1. Introduction The purpose of the Grievance Procedure is to enable employees to express their problems or concerns and resolve the issues quickly and satisfactorily.
Yoma Bank understands that when people work together there will occasionally be issues or misunderstandings that need to be dealt with. Our Policy is that good communication, openness and a willingness to cooperate and listen helps to resolve these issues efficiently and effectively. Problems left unresolved can become grievances. Team leaders and managers are expected to listen and respond to employee concerns in the strictest of confidence.
The Grievance Procedure consists of:
Issue dealt with and solved at departmental level where possible;
Reference to third party conciliation and arbitration where necessary; and
Commitment to a prompt, fair, consistent investigation and dispute resolution.
11.2. Disciplinary Procedure 11.2.1. Introduction It is the objective of Yoma Bank to maintain a creative, productive and positive work environment. We need your help and cooperation to do this. Certain rules and standards regarding employee conduct, performance and attendance are necessary for effective Bank operations and for the benefit and protection of staff rights and safety.
This Procedure is designed to help and encourage all employees to achieve and maintain Bank standards in terms of conduct, acceptable work attitude, job performance, attendance and time keeping.
The majority of cases being considered under this Procedure will relate to an individual’s job performance, all of which should have been discussed with the employee affected during a personal development plan review or general performance meeting.
The objective of the Disciplinary Procedure is to ensure that disciplinary action is prompt, fair and reasonable in relation to the circumstances of each case, and is carried out in a manner that is consistent and equitable to both the employee and the Bank.
11.2.2. Principles and Individual Rights All cases of disciplinary action will be recorded in writing and placed in the employee’s personnel file. A copy of the Bank’s relevant records will be supplied to the employee on request.
No disciplinary action will be taken without prior reference and consultation with HR. All written warnings and dismissals will be confirmed in writing by HR.
At every stage in the Procedure the employee will:
1. Be advised of the nature of the complaint against them;
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
2. Have the right to state their case;
3. Have the right to be accompanied by a work colleague; and
4. Have the right to appeal against any disciplinary action.
The Bank reserves the right to involve specialists from areas such as HR, audit and risk in both the investigation and in the disciplinary hearings.
A written report of the disciplinary investigation and hearing will be made. A copy of each report and written warning will be placed in the employee’s personnel file.
The police will typically be informed in the event of any illegal act.
The nature of the action taken and the period of time given for improvement will depend on the individual circumstances of each case, the nature of any previous discussions regarding performance and the efforts made by the employee to meet the standards required. Consideration will also be given to the likelihood of the employee actually achieving the required standards within a reasonable timeline. 11.2.3. Procedure The following steps may be taken, as appropriate, in all cases of disciplinary action:
Pre-Disciplinary Counselling Before initiating the Disciplinary Procedure, an attempt will be made to resolve the matter by informal discussion. An informal meeting between the employee and their immediate supervisor will be held to attempt to determine the cause of, and potential solutions to, the complaint. The existence of personal or domestic difficulties will be taken into account, and consideration will be given to the need for further training or transfer to other duties. Pre-disciplinary counselling is designed to avoid the need for disciplinary action. Both the employee and the immediate supervisor should keep an informal log of discussions.
Investigation No disciplinary action will be taken against an employee until there has been a full and thorough investigation, during which time the Bank may suspend the employee from normal duties.
Suspension The Bank reserves the right to suspend an employee for the purpose of carrying out a full and proper investigation. If during a disciplinary investigation an employee is suspended, the contract of employment will continue, including all contractual rights and payment of salary. During the period of suspension the employee will not be entitled to have access to any of the Bank’s premises except at the prior request or consent of the Bank and subject to such conditions as the Bank may impose.
Disciplinary Hearing If the Bank decides to hold a disciplinary hearing the employee will be given details of the complaint against them beforehand. At any disciplinary hearing the employee will be given the opportunity to state their case. No disciplinary penalty will be imposed without a disciplinary hearing.
Disciplinary Stages The Bank reserves the right in its absolute discretion to invoke any of the following stages of disciplinary action, depending on the seriousness of the conduct, which is the subject of complaint. Except for acts of gross misconduct, the following stages will normally apply:
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
Verbal Warning Stage (optional) For minor breaches of discipline or failure to achieve the required standard of performance, the employee will receive a verbal warning from their immediate supervisor. The warning will include the following information: The nature of the breach of discipline or the unsatisfactory standard of performance of the employee;
The improvement required and details of any further training which may be appropriate;
A warning that a repeat of the issue will result in further disciplinary action;
The period of time within which any improvement is required and the date for any further review;
Notification that the verbal warning will be recorded in the employee’s personnel file; and
Confirmation of the employee’s right to appeal against the disciplinary action and the procedure for doing so.
First Written Warning Stage For more serious breaches, or in the event of failure to achieve the required standard of performance, a formal written warning will be issued by HR. The written warning will include the following information:
1. The nature of the breach of discipline or unsatisfactory standard of performance of the employee;
2. The improvement required and details of any further training, which may be appropriate;
3. A warning that repetition of the breach of discipline or failure to achieve the required standard of performance will result in further disciplinary action;
4. The period of time within which any improvement is required and the date for any further review; and
5. Notification that the written warning will be recorded in the employee’s personnel file. Confirmation of the employee’s right to appeal against the disciplinary action and the procedure for doing so will be provided.
Final Written Warning Stage In the event of further breaches of discipline, failure to comply with requested improvements in standards of performance, or in the case of serious misconduct which does not amount to gross misconduct, a final written warning will be issued by HR.
The final written warning will include the following information:
1. The nature of the breach of discipline or the unsatisfactory standard of performance of the employee;
2. The improvement required and details of any further relevant training;
3. A warning that repetition of the breach of discipline or failure to achieve the required standard of performance will normally result in dismissal;
4. The period of time within which any improvement is required and the date for any further review;
5. Notification that the written warning will be recorded in the employee’s personnel file; and
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
6. Confirmation of the employee’s right to appeal against the disciplinary action and the procedure for doing so.
Dismissal In the event of any further misconduct or failure to achieve satisfactory standards, or, in the case of gross misconduct, dismissal may result. Notice of dismissal with rationale will be confirmed in writing by HR.
Employee Records Disciplinary action is recorded in the Bank personnel file. Notes of formal disciplinary hearings are kept in the employee’s personnel file with copies of relevant reports. These are available to the employee on request.
11.2.4. Gross Misconduct Gross misconduct shall mean conduct so serious as to destroy the essential bond of trust and confidence between the Bank and the employee.
In cases of gross misconduct the Bank will be entitled to dismiss the employee without notice or pay in lieu of notice. Examples of gross misconduct are outlined below, but these examples are neither exhaustive nor exclusive:
1. Acts of theft, fraud and other dishonesty whether or not committed in the course of the employee’s duties towards Bank or employee property;
2. Unauthorised removal or possession of property belonging to the Bank, its clients or any persons with whom the Bank has dealings;
3. Undertaking work in a private capacity which competes in any way with the Bank’s range of services whether or not the employee is remunerated for such work;
4. Breach of professional confidence or disclosure of confidential information;
5. Violent, wilful or reckless behaviour which could result in damage to any person or to any property of the Bank, its employees, clients or other persons with whom the Bank has dealings;
6. Possession of, or being under the influence of, drugs on Bank premises, other than drugs prescribed by a qualified medical practitioner;
7. In the reasonable opinion of the Bank, supplying prohibited drugs either to employees or other persons;
8. Being under the influence of alcohol on Bank premises or whilst acting on behalf of the Bank as representative or agent;
9. Acts of indecency, sexual harassment or similar misconduct with or towards another employee, client or person with whom the Bank has dealings;
10. Seeking or gaining unauthorised access to files whether electronic or physical;
11. Falsification of documents, expense claims etc.;
12. Serious neglect of the employee’s duties resulting in actual or likely financial loss, damage or personal injury;
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
13. Use of threatening, abusive or insulting language towards another employee, client or person with whom the Bank has dealings;
14. Breach of the Bank’s equal opportunity policy;
15. Breach of any statute, regulation, code of practice or other relevant provision governing the range of services provided by the Bank, whether or not such breach results, or is likely to result, in prosecution of the Bank or any of its officers;
16. Breach of health and safety regulations;
17. Submission of false references or qualifications;
18. Failure to disclose any criminal convictions;
19. Actions likely to result either in damage to image or reputation of employee or Bank;
20. Gross mismanagement of customer accounts;
21. Misappropriation of Bank funds;
22. Passing business to a competitor of the Bank (including business which would be unacceptable to the Bank) other than with the express authority of an appropriate manager;
23. Conviction of a criminal offence, which, in the opinion of the Bank undermines the Bank’s confidence, or could adversely affect the Bank’s reputation or affect the ability of the employee to fulfil the terms of their employment contract;
24. Effecting arrangements whereby business outside the Bank’s underwriting standards is introduced into the Bank;
25. Knowingly falsifying, failing to include or incorrectly including in a new business submission or a personal loan submission, information regarding liabilities, financial and/or personal history relevant to any aspect of the proposal and by so doing misleading the Bank into the acceptance or consideration of such business; and
26. Allowing the consideration of family or friends to influence the submission of new business proposals or collection of debt without first obtaining the express authority of an appropriate manager.
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
12. Bullying and Harassment
12.1. Introduction Yoma Bank establishes that all employees deserve an environment free from bullying and/or harassment in which to perform their duties.
All employees will be expected to comply with this Policy and management will take appropriate measures to ensure that bullying and/or harassment is minimized. Appropriate disciplinary action, including dismissal for serious offences, will be taken against violators of this Policy.
The Policy applies to employees both in the workplace and at professional events such as meetings, conferences and work related social events, whether on premises or offsite.
The Policy applies to bullying and/or harassment not only by fellow employees but also by clients, customers or other business contacts to which an employee might reasonably expect to come into contact with in the course of his/her employment.
12.2. Definition of Bullying Workplace bullying is repeated inappropriate behaviour, direct or indirect, whether verbal, physical or otherwise, conducted by one or more persons against another or others, in the workplace and/or in the course of employment which could reasonably be regarded as undermining the individual’s right to dignity at work. An isolated incident of the behaviour described in this definition may be an affront to dignity at work, but a single incident is not considered bullying.
Bullying can include conduct offensive to a reasonable person, e.g. verbal or written slurs, physical contact, gestures, jokes, inappropriate pictures, flags/emblems, graffiti or other material which state/imply prejudicial attitudes which are offensive to fellow employees.
Other examples of bullying behaviour include:
1. Personal insults and name calling;
2. Persistent unjustified criticism and sarcasm;
3. Public or private humiliation;
4. Public or private shouting at employees;
5. Picking on a person as the target of offensive jokes, horseplay, uncomplimentary or other behaviour likely to cause offence;
6. Lewd or bigoted comments about appearance;
7. Sneering;
8. Showing hostility through sustained unfriendly contact or exclusion;
9. Instantaneous rage, often over trivial issues;
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Yoma Bank Human Resources (HR) Manual 12. Bullying and Harassment
10. Unfair delegation of duties and responsibilities;
11. Setting impossible deadlines;
12. Unnecessary work interference;
13. Inhibiting access to necessary information;
14. Aggression;
15. Withholding credit for work contribution;
16. Continuously refusing reasonable requests without good reasons;
17. Intimidation and threats;
18. Singing of sectarian songs; and
19. Pressure to participate in political/religious groups.
12.3. Definition of Harassment Sexual harassment can be defined as conduct towards another person which is sexual in nature, or has a sexual dimension, and is unwelcome to the recipient. Examples of this type of harassment include:
1. Sexual gestures;
2. Displaying sexually suggestive objects, pictures, calendars, screensavers;
3. Sending suggestive and pornographic correspondence including faxes, text messages or emails;
4. Unwelcome sexual comments and jokes; and
5. Unwelcome physical conduct such as pinching, unnecessary touching, etc.
Harassment on other grounds e.g. marital status, family status, ethnicity, age, religious belief, sexual orientation, disability, nationality or political opinion can be defined as:
1. Words;
2. Gestures; and
3. Production, display or circulation of material unwelcome to the recipient.
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Yoma Bank Human Resources (HR) Manual 13. Separation from Service
13. Separation from Service
13.1. Retirement Employees will be transitioned into retirement through phased preparation, education and planning. The normal retirement age is 65. With the consent of management, employment may be continued after 65 years of age. The retirement package will include 10% of Yoma Bank's contribution towards social security (if more than 5 years of service) plus 6 month of salary (if more than 10 years of service).
13.2. Termination During the probation period, Yoma Bank is required by law to give one month notice; if one month notice cannot be given then one month of salary should be given. Staff must provide 7 days notice. After the probation period, either party may terminate the employment by giving one month’s notice in writing.
13.2.1. Termination for reasons of health When, for reasons of health and on the advice of a physician, it is determined that an employee is incapable of performing his/her duties, his/her contract shall be terminated. Staff will be given one months notice or if the medical condition is severe; immediately. Prior to termination, reassignment possibilities shall be explored and an offer made if feasible.
13.2.2. Termination due to abolition of post When a post is abolished and/or the job the staff performs is discontinued, staff will be given a 1 month notice period. Prior to termination the following conditions must be fulfilled; reassignment possibilities for staff shall be explored and an offer made if feasible.
If terminated for reasons of health or if the job the staff performs is discontinued (abolition of post), payout according to length of service is as follows:
Length of Service Amount 6 months – 1 year 1/2 month's salary > 1 year - < 2 years 1 month's salary > 2 years - < 3 years 1 1/2 month's salary > 3 years - < 4 years 3 month's salary > 4 years - < 6 years 4 month's salary > 6 years - < 8 years 5 month's salary > 8 years - < 10 years 6 month's salary > 10 years - < 20 years 8 month's salary > 20 years - < 25 years 10 month's salary 25 years and above 13 month's salary
Payment does not apply if staff wilfully resigns, or if staff engaged in action that damaged Yoma Bank's reputation, his/her performance is unsatisfactory or is guilty of the offences stated below.
Yoma Bank reserves the right to (i) keep the staff on payroll, (ii) make a lump sum payment in lieu of notice, or (iii) terminate the staff without notice if guilty of the following offences:
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Yoma Bank Human Resources (HR) Manual 13. Separation from Service
1. Theft;
2. Falsification of documents;
3. Gambling/betting/soliciting;
4. Fighting and disorderly behaviour;
5. Vandalism;
6. Obscene or immoral conduct;
7. Possession or use of intoxicants/drugs;
8. Dishonesty;
9. Disobedience of health/safety regulations (where damage of Bank property or injury to life is present);
10. Unauthorized meeting/gathering;
11. Sleeping on duty;
12. Involvement in politics during working hours;
13. Fundraising/collection;
14. Loitering;
15. Absence from work for more than 120 hours without notice; or
16. Breach of hostel rules of a more serious offence than those listed above.
13.3. Resignation If a staff wishes to resign from the Bank, he/she must give one to three months’ notice or payment of one/three months’ salary in lieu of notice in accordance with his/her employment terms.
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Yoma Bank Human Resources (HR) Manual 14. Transportation Policy
14. Transportation Policy
14.1. Safe Driving Policy 14.1.1. Introduction The aim of this Policy is to encourage the practice of defensive driving techniques to limit the probability of the involvement of Yoma Bank vehicles in traffic accidents.
14.1.2. Maintenance The safety of a Yoma Bank vehicle may be compromised if it is inadequately maintained. It is the responsibility of each driver to ensure that the vehicle they are driving has been adequately maintained and is safe to drive.
Drivers are responsible for carrying out the following maintenance checks, daily, before leaving the Yoma Bank premises:
1. Fuel level;
2. Oil level;
3. Tire pressure;
4. Tire defects;
5. Functionality of brakes;
6. Lights, indicators, reflectors, horn;
7. Wiper functionality (front/rear);
8. Condition of body work (list defects);
9. Vehicle equipment complete and functioning; and
10. Vehicle cleaning (inside and out).
14.1.3. Servicing Regular servicing extends the life of vehicles and prevents breakdown. All Yoma Bank vehicles must be serviced in accordance with manufacturer guidelines. Service intervals for each vehicle should be clearly indicated on the vehicle concerned and monitored by the Transport Manager as well as the driver assigned to each vehicle.
14.1.4. Equipment Each official vehicle should be permanently equipped with the following:
Tool kit;
Fire extinguisher; and
Flashlight.
It is the responsibility of each driver to ensure, daily, that the equipment of their vehicle is complete and fully functioning before the vehicle leaves the Yoma Bank premises.
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Yoma Bank Human Resources (HR) Manual 14. Transportation Policy
14.1.5. Parking It is the responsibility of each driver to ensure that Yoma Bank vehicles are parked legally, responsibly and safely to protect drivers, their passengers, the Yoma Bank vehicle and other road users.
14.1.6. Accidents In the event of an accident involving an official vehicle a driver should:
Stop if safe to do so;
Find out if anyone is injured and call for assistance;
Secure the Yoma Bank vehicle and its occupants;
Record the facts, circumstances and details of others involved;
Inform the Transport Manager by telephone;
File a security incident report within 24 hours; and
Refrain from discussing the accident with any persons at the scene (except police authorities). Do not admit liability or fault under any circumstances.
14.1.7. General Use of Yoma Bank Vehicles 1. Unauthorized people are not allowed to drive Yoma Bank vehicles.
2. Any fines or penalties for driving offences are the responsibility of the driver involved.
3. Consideration must be given at all times to other road users including motorcyclists, pedestrians and cyclists.
4. When driving a vehicle, the driver has total responsibility for the vehicle entrusted to him.
5. Letters, documents or cargo not related to official Yoma Bank business may not be carried. Neither may any goods that may compromise Yoma Bank's acceptance or security in the country of operation. This includes personal items which may be politically, culturally or religiously offensive or illegal.
6. The intended use of Yoma Bank vehicles is within the scope of official operations only. Any use for personal reasons is subject to prior approval in writing from the Transport Manager. In such cases, restrictions on use will be clearly defined in writing.
7. The driver must possess a valid driving license. All driving licenses must be valid for the vehicle type that is being driven. A copy of the appropriate Iicense(s) must be submitted to the Transport Manager.
8. Mobile phones may not be used when driving an official vehicle.
14.1.8. General Security 1. The wearing of seat belts is mandatory for the driver and passengers in all Yoma Bank vehicles with fitted seat belts. It is the responsibility of the driver not to drive unless all passengers comply with this rule and the driver has the authority not to drive unless this rule is complied with.
2. Smoking is not permitted in the vehicle at any time.
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Yoma Bank Human Resources (HR) Manual 14. Transportation Policy
3. The consumption of alcohol is strictly forbidden when driving a Yoma Bank vehicle or prior to driving. Yoma Bank has a zero tolerance Policy with regards to alcohol and driving.
4. The driver is responsible for ensuring the maximum safety of the vehicle and contents when parked. He/she must ensure that the windows are closed and the vehicle is locked. If the vehicle is fitted with an alarm this should be activated.
5. Overnight, all vehicles must be parked in a secure place.
14.1.9. Responsibilities for Authorized Drivers of Yoma Bank Vehicles 1. The driver is responsible for the load of the vehicle. Therefore, he/she has the authority to give instructions on:
a. The number of passengers that can be transported and their seating; and
b. Limiting the tonnage and the distribution in the vehicle for the transport of goods to assure the best balance.
2. The vehicle logbook must be filled in on the departure and arrival of each trip made.
3. Any damage to the car should be reported to the Transport Manager within 12 hours.
4. The driver is responsible for cleaning the inside and outside of his/her vehicle.
5. The driver is always responsible for the keys and at no time should they be passed to an unauthorized person.
6. No driver shall duplicate the keys to any Yoma Bank vehicle.
14.1.10. Fraud Manipulating mileage and fuel consumption or misuse of Yoma Bank vehicles constitute fraud, which could lead to management proceeding with serious measures including legal action.
14.2. Travel Policy: Domestic 14.2.1. Purpose The purpose of this Policy is (i) to set out the basis for the payment of accommodation, subsistence and travel allowance for the purpose of official travelling, (ii) to maintain control over travel and accommodation expenses, (iii) to maximize travel service, and (iv) to promote a culture of cost accountability for the Bank.
14.2.2. Travel Allowance Employees attending the same function shall attempt to reduce the cost by using one Yoma Bank vehicle where circumstances permit. Only when a Yoma Bank vehicle is not available is a rented vehicle permitted. Attempt should be made to be cost effective when considering hiring vehicles and the Admin Department should be consulted. If a coach or public transport is used, actual bills must be produced.
14.2.3. Air Transport Every attempt shall be made to use the most cost effective mode of transport. Flights for staff shall be in economy class unless another class of travel is specifically authorized by the CEO. Only department heads and above are entitled to air transport. Emergency cases certified by department heads and destinations that can only be reached by air will qualify for air travel.
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Yoma Bank Human Resources (HR) Manual 14. Transportation Policy
Overnight in-country trips This is for work-related trips only. Travel to attend conferences, annual meetings and social events will be considered case by case.
14.2.4. Hotel and Transportation The Admin Department will consider the staff position/rank when arranging hotel and transport. Reimbursement is made on actual hotel and transport bills. For staff (below deputy head level), Admin Department from related branches will arrange accommodation at Bank quarters; if there are no Bank quarters, accommodation will be arranged at appropriate hotels.
14.2.5. Meal and Allowance Meal and allowance is 10,000 kyats per day. For day trips less than six hours this is 6,000 kyats.
For staff below regional manager level, no bills are required if within the limit. For regional manager and above, the actual bill is required. Regional managers must not take staff along with him/her unless the need of doing so is justified and approved prior to the trip. Head of Retail is to certify claims submitted by regional managers.
Allowances will be given for days when work was performed; expenses incurred for extra days will not be reimbursed.
Branch managers are not allowed to pay the bill for visiting staff.
14.2.6. Transport Allowance For transport within the city (taxi fare); transport allowance per day is 10,000 kyats and only when Bank vehicle is not provided.
14.2.7. Incidental Cost Incidentals are reimbursed by producing actual bills or supervisor-endorsed written request (cost incurred due to negligence will not be reimbursed). Cases will be reviewed and approved by management.
14.2.8. Advance Payment An advance payment can be arranged with the Admin/ Finance Department two working days in advance.
14.2.9. Payment of Claims Claims must be submitted not later than seven days from the date of the trip. Claims received after this period shall be rejected unless condoned by the supervisor.
Additional Information When the Audit Team visits, the local staff can arrange to accompany them on site visits but these visits must be within an acceptable distance. The Audit Team should not ask to visit places that are out of town.
All temporary transferred staff are entitled to the new meal and daily allowances for a period of three months starting from the date of travel.
All staff on long-term transfer are entitled to 10 times the standard meal and allowance (ie. 100,000 kyats per day) for a period of seven days. Actual relocation cost will be reimbursed.
Currency Remittance staff are also entitled to daily meal and allowances. Due to security issues, these staff must eat together; therefore instead of individual meal and daily allowances they will be given imprest money. Each person is entitled to maximum 10,000 kyats per day.
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Yoma Bank Human Resources (HR) Manual 14. Transportation Policy
Staff from the currency department who travel early in the morning (with or without staying overnight) are entitled to 2,000 kyats.
14.3. Travel Policy: International 14.3.1. Purpose The purpose of this Policy is (i) to set out the basis for the payment of accommodation, subsistence and travel allowance for official travelling, (ii) to maintain control over travel and accommodation expenses, (iii) to maximize travel service, and (iv) to promote a culture of cost accountability at the Bank.
14.3.2. Air Transport Every attempt shall be made to use the most cost-effective mode of transport. All flights for staff shall be in economy class unless another class of travel is specifically authorized by the CEO.
14.3.3. Hotel Allowance The Admin Department will consider the staff position/rank when arranging hotel. Maximum hotel allowance per day and country is as follows: Thailand US$ 100 Malaysia US$ 150 Singapore US$ 200
Reimbursement is made on actual hotel and transport bills. Allowance to other countries would be considered as and when the need arises.
14.3.4. Meal Allowance Meal and allowance per day, per country is as follows; Thailand US$ 25 Malaysia US$ 25 Singapore US$ 40
Allowance to other countries would be considered as and when the need arises.
14.3.5. Transport Allowance For transport within the city (taxi fare). Maximum transport allowance per day, per country is as follows; Thailand US$ 20 Malaysia US$ 20 Singapore US$ 40
Taxi bill must be produced. Allowance to other countries would be considered as and when the need arises.
14.3.6. Discretionary allowance Staff who earn less than US$ 800 per month are allowed US$ 25 per day.
14.3.7. Incidental Cost Incidentals are reimbursed by producing actual bills or a supervisor-endorsed written request (cost incurred due to negligence will not be reimbursed). Laundry cost when actual bills are produced will be reimbursed for trips exceeding one week. Each case will be reviewed and approved by management.
14.3.8. Advance Payment An advance payment can be arranged with the Admin/Finance Department two working days in advance.
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Yoma Bank Human Resources (HR) Manual 14. Transportation Policy
14.3.9. Payment of Claims Claims must be submitted not later than seven days from the date of the trip. Claims received after this period shall be rejected unless approved by the supervisor.
14.4. Mobile Phone Policy 14.4.1. Policy Statement Yoma Bank recognises that to ensure the most effective running of services, communications and business activities, it will be necessary for some staff to have access to a mobile telephone. This Policy and related procedures should be applied consistently to ensure the correct use of funds for the procurement, maintenance and payment of this facility.
14.4.2. Introduction Mobile phones may be provided to staff that would benefit from having a business phone available to them to make/receive business calls while away from the office. If you are issued a mobile phone you are responsible for its security while it is allocated to you. It remains the property of Yoma Bank at all times and shall be returned to Yoma Bank when you leave employment or it is no longer required as part of your job, or if Yoma Bank requests its return for whatever reason.
In accordance with legislation, you may not use handheld mobile phones or similar devices while operating machinery or driving unless your car is fitted with suitable hands-free equipment that allows you to make and receive calls in accordance with legal requirements.
14.4.3. Reimbursement for Prepaid Cards Reimbursement will be as follows:
Title Amount(kyats) Period Head, Deputy Head, Senior Regional Manager, Regional Manager, Senior 10,000 to 30,000 Per month Technician, Technician – 1, Senior MTO, MTO Associate Regional Manager, Senior Branch Manager, Senior Manager, 10,000 Per month Manager Associate Branch Manager (Operation / Business Development), Cash 30,000 Per year Head
If usage is beyond the approved amount, staff is required to submit a letter justifying the amount; the letter must be certified by the supervisor. Staff should be aware that the Admin Department will randomly check phone bills. If staff make personal calls, the amount should be recorded and paid personally.
14.4.4. Courteous Use of Mobile Phones Mobile phones should be switched off during professional events such as meetings, lectures, seminars and training courses save for exceptional circumstances where it is vital to make or receive an urgent business call. In such circumstances you should adjust the phone to ‘silent’ mode and alert colleagues to the fact that an urgent call needs to be made or is expected.
You should care for the phone at all times to maintain good working condition. Any damage or theft/loss of the phone should be reported immediately to the Admin Department. The phone must be PIN code protected and kept locked at all times to minimise security risks, particularly if the phone is stolen.
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Yoma Bank Human Resources (HR) Manual 15. Training, Development and Career Planning
15. Training, Development and Career Planning
15.1. Policy We are committed to providing training for the ongoing development of our employees. We will align training to our Bank’s business needs with an innovative approach. We recognize that our employees have individual abilities and talents and YB will provide them with opportunities to realize their full potential to the extent of its capacity to do so.
15.2. Development The primary responsibility both for self development and career development rests with individual employees. We will provide as much support, guidance and encouragement as possible.
This Policy will be effective when: We provide training opportunities designed to enable us to retain and grow our position as the leading financial services provider in Myanmar; and
Our employees accept that they are primarily responsible for their career and personal development.
15.3. Career Development Career development should not be seen only as the achievement of progressively more senior posts. It should also be seen as incorporating movement between positions which may be of equal or higher grade but which offer opportunities to increase knowledge and skills.
We are committed to the continuous development of our employees and we recognise that the career development of individuals may change at different life stages. We also recognise that employees may alter their chosen career path. We will respond to individual needs so far as they are in line with our business requirements.
This Policy will be effective when: A change of role which does not involve a higher grade is perceived by employees as providing career development; and
Management accepts that individuals may change their minds regarding preferred career paths and this does not work to the disadvantage of the individuals concerned.
15.4. Career Pressure Employees will not be pressured to apply for more senior positions which, for whatever reason, they may not want. We will encourage employees to realise their potential by accepting positions of greater responsibility but will refrain from undue pressure. We will ensure that unwillingness to accept a more senior position will not work to the disadvantage of an employee.
This Policy will be effective when: Employees feel they are free to make decisions about applying for or accepting more senior positions and are confident that they will not be disadvantaged if they decide against doing so.
15.5. Human Resources (HR) Development Plan The HR department together with the training department will develop, for the approval of senior management, a career planning programme for all staff to be updated on a yearly basis. Appropriate statistics will be made available to management as required.
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Yoma Bank Human Resources (HR) Manual 15. Training, Development and Career Planning
15.6. Training for Change We recognize the need for Yoma Bank to continuously improve customer service and competitiveness and, ultimately, play an important part in the economic development of our country. We will provide the training and development necessary to facilitate this change. We want all employees to welcome change with confidence and see it as an opportunity for both business and personal growth.
This Policy will be effective when: Change is seen as central to development and all employees cope with it confidently.
15.7. Training Training will be provided, consistent with the business needs of our Bank, to enable all employees to do their jobs effectively. Those who manage people will have the freedom, resources and responsibility to address the training needs of employees who report to them.
This Policy will be effective when: Individual work experience and training needs agreed to at formal appraisal are implemented within the determined period;
More employees feel competent to apply for advertised vacancies;
Employees are trained to cover a range of posts and have opportunities to use that training in various ways including job rotation;
Training and job rotation within individual offices enhance the opportunities for employees to take on new responsibilities in present or new locations;
Employees cannot attribute dissatisfaction with their work to lack of training; and
Underperformance at work is not attributed to lack of appropriate training.
This Policy will be ineffective if: Employees are dissatisfied with the quality and quantity of training.
15.8. Training Programmes Every new employee will participate in an orientation programme which will help him/her get situated. Other various training programmes such as Professional Bankers Development Program, Level 1 and Level II will be provided throughout the employee’s career with Yoma Bank.
15.9. Career Management We will provide information, guidance and career counselling to support employees in realising their full job/career potential and in managing their careers effectively.
This Policy will be effective when: Career counselling is available to all employees and is actively sought;
Coaching and mentoring of employees is a common practice and is widely available; and
Induction programs take place for all new employees.
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Yoma Bank Human Resources (HR) Manual 18. Job Security
16. Performance Management Scheme (PMS)
16.1. Expectations 1. All staff members should have a clear understanding of Yoma Bank’s organizational objectives to be achieved in a given year.
2. Every staff member should have a clear understanding of the specific outputs they are required to produce as a contribution to the achievement of Yoma Bank’s organizational objectives.
3. Every staff member should ensure that the resources and tools required to make that contribution are provided in a timely manner.
4. Every staff member will have the opportunity to regularly discuss with their manager/supervisor the challenges and successes they experience.
5. All staff should have a better understanding of what specific outputs their fellow division/section colleagues are responsible for producing, promoting more productive and effective work relations within a division/section.
6. Career planning and the development of job related knowledge will be facilitated during the performance monitoring and evaluation process.
Managers/supervisors should find it easier to manage/supervise individuals with a more structured approach to assigning work and communicating changes throughout the year.
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Yoma Bank Human Resources (HR) Manual 18. Job Security
17. Personal Life and Career
We recognise the fundamental right of all employees to a personal and private life. In pursuing our business objectives we will respect each individual’s need to fulfil family/personal commitments. Unwarranted assumptions will not be made about an individual’s willingness to work outside normal hours. We will seek to support and assist employees in a flexible manner when required by personal circumstance.
This Policy will be effective when: Managers and supervisors consult employees about their availability to work extra or unusual hours; and
Facilities for compassionate/special leave and other forms of support/assistance are available as appropriate.
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Yoma Bank Human Resources (HR) Manual 18. Job Security
18. Job Security
Job security for permanent employees will be protected and valued by the Bank. Should change necessitate a reduction in employee numbers, we will strive to ensure that parting is on a voluntary basis. Our objective will be to ensure that employees whose jobs are eliminated as a result of change will be reassigned to new jobs. This will be done in consultation with each individual concerned and with due care for their interests.
If a manager identifies a staff that is not a fit for their current role but may be a fit elsewhere in the Bank, the manager is encouraged to notify HR to seek an alternative post for the aforementioned staff.
This Policy will be effective when: There are no forced redundancies; and
Reassignments are arranged through consultation and by agreement.
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Yoma Bank Human Resources (HR) Manual 19. Welfare
19. Welfare
19.1. Social Security Benefit (SSB) All staff, starting from first day of employment at the Bank, are required by law to contribute 2% of their basic salary towards social security (Yoma Bank contributes an additional 3% of basic salary). Staff benefits from free health care from participating government hospitals. For details please refer to the SSB circular from the Ministry of Social Welfare.
19.2. Employee Deferred Benefit Fund All permanent staff will contribute 10% of their salary (Yoma Bank will contribute an equal 10%) to a deferred benefit fund. When staff leave after working for at least five years, 20% will be provided as deferred benefits. If staff leave before completing five years of service, only 10% of staff contribution will be provided.
19.3. Grants for Hospitalization In addition to SSB, Yoma Bank provides the following grants for hospitalization:
1. Child Birth 100,000 kyats 2. Minor Operation 100,000 kyats 3. Major Operation 200,000 kyats 4. Hospitalization (non- surgical, surgical) case by case 5. Work place accident case by case
19.4. Funeral Relief Yoma Bank provides the following funeral relief to all employees regardless of service:
Employee 300,000 kyats Spouse 200,000 kyats Child 100,000 kyats Parents 50,000 kyats
Yoma Bank is evaluating death and disability insurance options for its staff.
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Yoma Bank Human Resources (HR) Manual 20. Loan Programmes
20. Loan Programmes
20.1. Staff Loan All staff regardless of position can benefit from the staff loan programme.
20.1.1. Years of service and entitlement Permanent staff are entitled to the following:
Multiple of Years of service monthly salary 2.5 5 1.5 2
20.1.2. Principal Repayment Schedule Each month, principal and interest payments must both be made. The amount of principal repaid per month is stated in the table below.
Loan Tenure Monthly % (years) repayment 2 4.2% 3 2.8%
20.1.3. Interest Annual Rate: 8.5%
For more information, please refer to staff loan instructions.
20.2. Housing Loan 20.2.1. Employee Housing Loan (EHL) For the purpose of buying a house or apartment, Yoma Bank manager and above positions may qualify for an employee loan. The borrower must have a working relationship of at least three years. Eligible managers can apply any time they need credit, but cannot borrow excessively and repayment capacity must be met.
20.2.1.2. Interest & Other Fees 1. Interest rate is 11% Per Annum.
2. Late fee is 10% Per Annum (calculated daily and charged monthly).
20.2.2. Executive Housing Loan 20.2.2.1. Qualification Must be with the Bank for at least 3 months.
Minimum annual income of US $30,000.
For principal residence only.
20.2.2.2. Terms Annual interest: 12% per annum until further notice.
For more information, please refer to housing loan instructions.
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