Annual Report 2012 - National Savings Bank

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164BRANCHING OUT INTO NEW VENTURESSUSTAINABILITY REVIEWbefore 1 October 1995. The Bank’scontribution to the pension fundis made monthly at the rate of20% on gross salary. In total, 974employees are entitled to the scheme.Employees who joined the Bank after1st October 1995 and opted to bethe members of the contributorypension scheme must contribute tothe fund at the rate of 13.5% of theirgross salary, every month. In total,seven employees are entitled to this. GratuityThe Bank has made provisions forgratuity payments for employees whojoined the Bank after 1st October1995 and did not want to join thecontributory pension scheme.The Bank conducted an actuarialvaluation on these retirementobligations at the end of 2012.Defined Contribution PlansThe dened contribution schemesare the EPF and ETF. The Bankcontributes to the ETF on the basis ofgross salaries of employees. For furtherinformation please refer Note no. 2.6 ofthe Financial Statements on page 216.HUMAN RIGHTS AND EQUALOPPORTUNITYSafeguarding Human RightsNSB provides equal employmentopportunities for all persons regardlessof race, color, religion, age, gendermarital status, national origin ordisability. Recruitment, hiring,compensation, benets, transfers,training and development, educationalassistance, recreational programmes,and promotion of individuals in alljob classications are conductedwithout discriminating on race, colour,religion, nationality, age, gender andphysical disability, except where abona de occupational qualicationexists. Employment and promotionaldecisions are made in such a manneras to further the principle of equalemployment opportunity, based uponselection criteria that is job related.The Bank is committed to providing awork and learning environment that isfree of any kind of harassment. NSBconsiders harassment in all formsto be a serious offence. Vendors,visitors, customers and guests too,are prohibited from harassing otherindividuals while in the Bank’spremises. NSB will not make a decisionabout hiring, promotion, discharge,compensation, benets, training orany other aspects of employment,based on an individual’s disability, ifthe concerned individual is qualiedfor the job. The Bank is committed toprovide a safe and healthy work placefor all employees. Management andall employees working in the Bankshare the responsibility for the successof the safety and health procedures attheir respective branches/ divisions.In addition, as a responsible employer,NSB adheres to the InternationalLabour Organisation’s conventionon upholding the right to freedom ofassociation of all NSB employees.Human Rights TrainingDuring the year, six employees who aremembers in trade unions, participated inNATIONAL SAVINGS BANK . ANNUAL REPORT 2012
165BRANCHING OUT INTO NEW VENTURESSUSTAINABILITY REVIEWa training programme on national andinternational labour law compliance.Cases of DiscriminationThere were no reported incidents ofdiscrimination during the year.Risks to Freedom of AssociationFreedom of association and collectivebargaining is fully facilitated and werenot under threat during the year.The following unions are recognisedand active in the Bank; Ceylon Bank Employees’ Union Sri Lanka Nidahas SevakaSangamaya Jathika Sevaka Sangamaya Executive Ofcers’ Association All Ceylon Bank Employees’ UnionChild LabourThe Bank eschews child labour or anyfeature relating to such practices anddoes not recruit employees under theage of 18 years.“We believe thateliminating corruptionis a social responsibilityand as such, we haveimplemented stringentinternal controls toprevent bribery andcorruption.”Forced and Compulsory LabourAll employees work voluntarily andthere are no operations with signicantrisk of forced labour.SOCIAL AND COMMUNITYCAREResponsibility to SocietyAs one of largest publicly ownednancial institutions in the country,we believe strongly in eliminating anyavenues for corruption and irregularitiesat our organisation. We believe thateliminating corruption is a socialresponsibility and as such, we haveimplemented stringent internal controlsto prevent bribery and corruption.Our risk management mechanisms areaimed at minimising the risk of bribery,corruption and fraud and we haveestablished operational risk monitoringmechanisms and Liaison Ofcers havebeen appointed in all Branches andDivisions, reporting directly to theHead of Risk and Compliance (HRC)in respect of risk and compliance.As a public institution, we believe inproviding as much benets as possibleto the public of Sri Lanka. Therefore,we have developed a variety of productsto serve the needs of many differentsocial groups ranging from infants tosenior citizens.Our Ithurum Ayojana Kawa savingsscheme for instance, is aimed at helpingthe low income segment enter the formalbanking systems and to encouragethem to save. A concessionary housingloan scheme has been introduced bythe Bank for academic as well as nonacademic staff at universities.NATIONAL SAVINGS BANK . ANNUAL REPORT 2012
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ROOTEDANNUAL REPORT 2012
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ROOTEDNATIONAL SAVINGS BANK l ANNUA
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5MISSIONProviding our customers wit
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7ROOTEDFor over 40 years, the Natio
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92000Establishment of subsidiary co
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11HOW WE PERFORMED IN 2012FINANCIAL
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13CHAPTER 1FIRMLY ANCHOREDSTRATEGY
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15A MESSAGE FROM MR SUNIL S. SIRISE
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17A MESSAGE FROM MR SUNIL S. SIRISE
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19A REVIEW BYMR. HENNAYAKE BANDARAG
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21A REVIEW BY MR HENNAYAKE BANDARAG
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23A REVIEW BY MR HENNAYAKE BANDARAG
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25CHAPTER 2HOW WE PERFORMED IN 2012
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33HOW WE PERFORMED IN 2012ECONOMIC
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35HOW WE PERFORMED IN 2012ECONOMIC
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37HOW WE PERFORMED IN 2012ACHIEVEME
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39HOW WE PERFORMED IN 2012OPERATION
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51HOW WE PERFORMED IN 2012FUTURE PL
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53CHAPTER 3ROOTED IN OUR HERITAGEGO
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55ROOTED IN OUR HERITAGEGOVERNANCE
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85ROOTED IN OUR HERITAGEBOARD OF DI
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87ROOTED IN OUR HERITAGEBOARD OF DI
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89ROOTED IN OUR HERITAGEGENERAL MAN
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91ROOTED IN OUR HERITAGECORPORATE M
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93ROOTED IN OUR HERITAGEEXECUTIVE M
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95ROOTED IN OUR HERITAGEREPORT OF T
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101ROOTED IN OUR HERITAGEREPORT OF
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103CHAPTER 4ASSESSING AND MANAGING
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105ASSESSING AND MANAGING OUR RISK
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Page 185 and 186: 183CHAPTER 6THE RESULTS OF A CHALLE
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215THE RESULTS OF A CHALLENGING YEA
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251CHAPTER 7ANNEXURESNATIONAL SAVIN
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253STATEMENT OF FINANCIAL POSITION
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255TEN YEARS AT A GLANCE(Rs Mn)Year
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257OUR PRODUCTS AND SERVICESSAVINGS
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259OUR PRODUCTS AND SERVICES19. Ran
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261OUR PRODUCTS AND SERVICESOUR EXT
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263BRANCH NETWORKCentral Province1.
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265CORRESPONDENT BANKSCiti Bank NA,
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267EXCHANGE COMPANIESHabib Qatar In
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269GLOSSARYCredit RatingsAn evaluat
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271GLOSSARYReturn on Average Assets
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273CORPORATE INFORMATIONCOMPLIANCE
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Annual Report 2012 - National Savings Bank

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