The more than 7,000 members of Landbank of the Philippines Employees Association (LBPEA), along with members of Kapisanang ng Manggagawa sa GFI (KAMAGFI), have submitted an urgent appeal to President Aquino to implement a just compensation package retroactive 2009.
The LBPEA members said that the full implementation of the salary structure is long overdue.
They pointed to the dedicated workers who were affected by Supertyphoon “Yolanda” in Tacloban City, Eastern Samar, Cebu, Capiz and Palawan.
In 2011, the bank’s net income amounted to P9 billion. It remitted P5 billion to the government. In 2012, it reported P10.1 billion in net profit, turning over P6 billion to the National Treasury.
Despite the state government’s bright performance, the lowly rank and file and middle management officers have not been given a raise in their salaries since 2005.
While the lowly employees struggle to make both ends meet, bank senior officers receive large slices of the profit pie.
The members submitted the names of senior bank officers who received compensation each amounting to millions. The association members culled the names from the Commission on Audit 2012 report on salaries and allowances of the bank’s officials
In 2011, through the GCG, Mr. Aquino granted an interim compensation package (ICP) retroactive 2009. But the ICP grants no merit step increase (as high as P2,000 a month) for high performing employees, who have reached the maximum salary limit.
Three years have passed, but the final compensation has yet to be implemented.