Annual Report 2012 - National Savings Bank

163BRANCHING OUT INTO NEW VENTURESSUSTAINABILITY REVIEWguidelines culled from renowned HRorganisations. While, all positions areadvertised and every applicant given anequitable chance of gaining employmentwith NSB, we also headhunt for positionsrequiring specialist competencies andskills, within the marketplace andbeyond. Remuneration is based on laiddown guidelines and on par with marketparameters and we do not condone inany form, favouritism or discriminationin our recruitment or remunerationpolicy. It must be noted that wages aredecided through collective agreementssigned with the Bank’s trade unions.These wages are in line with the mainGovernment banks. The collectiveagreements are revised every three years.Lifelong LearningThe Bank’s training programmesare continually updated to meet thechanging needs of the workforce andthe market. NSB’s training programmespromote diversity and inclusion,facilitate career development and pointthe way to better work-life balance.During the year, as a part of the Bank’sphilosophy of life long learning, theBank conducted a number of trainingprogrammes in line with the Bank’shuman resource development policiesand training needs. In-house trainingand regional training were provided formany employees. Foreign training wasprovided where necessary for otherswho required specialised training.In addition, many employees arealso following long-term educationalcourses including diplomas, and degreecourses, such as M.Sc. and MBAs,while working at the Bank. The Bankencourages such academic pursuits aswe believe education is part of lifelonglearning and it is never too late toexpand an individual’s knowledge andskills. In addition, a number of shortterm training programmes, seminarsand workshops were conducted duringthe year.Performance ReviewsAll employees receive regularperformance and career developmentreviews as a means of furtheringindividual career aspirations andaligning them with the Bank’s vision,mission and goals.Salary DifferencesNSB prides itself on being an equalopportunity employer and maintainsremuneration and benets at the samelevels for both men and women.Coverage of Defined BenefitPlansThe dened benet plan for NSBemployees consists of a retirementgratuity and pension scheme. Anactuarial valuation of the plan iscarried out once every three years. Thedened contribution plan, in keepingwith standard Sri Lankan businesspractice, involves contributions to theEmployees’ Provident Fund (EPF) andEmployees’ Trust Fund (ETF). For moreinformation on these plans, please seethe Statement of the Bank’s AccountingPolicies on page 216. Employees pension schemeThe Bank established a noncontributorypension schemein 1980. This is an approvedscheme for pension payments forpermanent employees who joinedNATIONAL SAVINGS BANK . ANNUAL REPORT 2012