Staff Policies

Policies

Mandatory Retirement Age

A special Townhall Meeting to openly discuss with all regular Staff. That all existing rights that staff had would be maintained, including:

From compensation frameworks to retirement benefits, the SCO is your voice in policy discussions and negotiations. Stay informed about the latest policy updates and how they affect you.

Early retirement

at age 55 was maintained.

The Exemption Rule 75

(for staff who joined before September 30, 2015) and Rule 80 (for those who joined after this date) remains an acquired right.

Staff continue

to accrue pension at 2.5% (DB) and have the option to join the hybrid Scheme.

Hybrid Pension

Hybrid Pension Scheme optional

4
Key Policy Areas
2.6%
Salary Adjustment 2023
55+
Early Retirement Age
2.5%
Pension Accrual Rate
Featured Policy

Total Compensation Framework (TCF) 2021-2024

The Total Compensation Framework (TCF) was a comprehensive review of salaries and benefits for Staff. The Framework was to ensure that the Bank remains competitive, attracts talent, and has the workforce required to meet business needs while effectively managing its financial resources.

A special Townhall Meeting to openly discuss the implementation of the Structural Salary Adjustment Component of the TCF

0.6%
2021 Adjustment
2.6%
2023 Adjustment
46%
Staff Benefited

Common Questions

Policy FAQs

  • Methodology of moving Staff to the next minimum.
  • Only about 46% of Staff benefited from the structural salary adjustment.
  • Discrepancies in the LRS Salaries at different duty stations.
  • Impact on Staff motivation.

Outcomes :

Merit-based increase maintained.
Staff Working Group to study Compensation and benefits that will provide input to the next TCF. The Working Group will look at:
Methodology used in the TCF.
Choice of comparators (LRS/IRS)
Performance Evaluation Framework of the Bank and the link to compensation
Staff consultation during the TCF development Process
Frequency of the TCF
Make recommendations for TCF 2025 -2028

SMCC approved a Performance Management Framework in 2021, the objective of which was to improve transparency. The Framework was in response to a 2017 IDEV Evaluation and a 2019 review of the Performance Management Framework.

SCO observed improvement in the Performance Management Process in terms of timelines – objective setting, mid-year review and end of year evaluation.

However, several aspects relating to the content, quality and use of performance outcomes still needs quite some work.

SCO has questioned the following aspects:

Objectivity of PE
Transparency
Fairness
Integration of 360 degrees feedback
Use of PE Outcomes for learning and personal development
Accountability and Consequence Management

PE as the main driver for compensation and promotion

In 2022, SCO worked with PTVP to develop a Consequence Management Policy. This document is yet to be presented to SMCC for approval. At the CAHR meeting in 2023 to discuss the 2022 performance cycle, SCO requested for the Board to lead the review of the PM system. The Board agreed to set up a technical committee to study performance management. SCO requested that other criteria be introduced (in addition to performance management) in determining Staff compensation and career development.

In 2022 and 2023, SCO worked with PTVP on in situ promotion guidelines and draft Presidential Directive (PD). The purpose of the PD is to provide guidance for the promotion of a staff member to a position at the same post at the grade immediately above the staff member’s present grade. In situ promotions generally involve promotions to levels within the same job band.

Have Questions About Policies?

The SCO is here to help you understand your rights and benefits under current policies.

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