Forced leave for bosses at Malawi Savings Bank -Report
Malawi Savings Bank which was bought from government by FDH Holdings in controversial circumstances at K9.5bn ($21.1 million) has sent two of its managers on forced leave after being discovered to have accumulated excessive leave days that would create a huge liability if they were to stop working for the bank.
According to published report, Deputy Chief Executive Officer Kayisi Sadala and Treasury Manager Million Hera, have been asked to go on leave after accumulating 88 and 150 days, respectively
FDH’s Chief Executive Officer, Thom Mpinganjira said they have discovered that many MSB employees have excessive leave days, with one manager accumulating 300 days
Mpindanjira said the new MSB management led by his FDH, has decided to let everybody clear their days to reduce liabilities
“This is abnormal and dangerous for the bank,” said Mpinganjira as quoted by Daily Times.
“I don’t understand how it was allowed to happen. We cannot allow it to continue like that because if one of them was to resign, it will cost us a lot of money to pay them for the unused leave days, “added Mpinganjira.
Mpinganjira said more MSB employees will be asked to go home and clear their leave days.
On his part, Sadala told the daily newspaper that he accumulated over 80 days leave since 2007 when he joined the bank.
He said limited staff compliment made it impossible for some members to take all their leave days when due
“On my part, for example, my entitlement is 30 days but I have only been able to take 20 days every year. And the bank was supposed to pay me for those days at the end of each contract but that didn’t happen,” Daily Times quoted Sadala as saying.
Sadala’ current contract expires in December this year.
Government finalized the sale of MSB on 2 July, 2015 despite heavy resistance from Parliament.
Malawi government now holds only 25% shares in MSB while FDH Holdings has 75%.
Reports indicate MSB posted a pre-tax profit of K2.5 billion (US$6 million) between January and May 2015.-
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Failing to go on leave is recipe for corporate fraud.
Its good for the bank to decide that way. May I ask the minister of local government to also force some Blantyre city council senior management officers to go on leave. Some of them can not remember when they last went on leave. Start with the human resource manager himself.
keep it up boss. though am also a staff member at msb headoffice but I support your move.
Malawians we are very close to goal but very far to score
Good For U Mr
Malawian companies should introduce a policy of limiting the number of leave days one can accumulate – say to 25 or 30 so that anything over the limit falls away automatically without incentive.
This will make people behave professionally by taking leave when it is due. Ignoring leave deliberately for the sake of accumulating money is fraud. People with that intention should not have the chance to do it.
When someone, even the top dog, does not take vacation, that should be paid off in the fiscal year. To straighten the books, if nothing else.
Some people do not take their vacation entitlement because they think they are indispensable. Wrong, wrong, wrong. Just look at the graveyards: the world didn’t stop when the occupants of those graves died.
Normally not going on leave means you are hiding something. Cashgate bosses do not take leave because they are afraid their juniors will unleash nasty things in their offices.
From a human resource management point of view, this is the way to go
U said no one will lose the job but wats this now? Some people are commenting nonsense here ,hw can u say everyone must finish his leave days.even in government most of them don’t finish there days coz of nature of their work