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LBPEA News Article

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LBPEA News Article

Post  Admin-apcjr on Thu May 26, 2011 2:33 pm

LBPEA News article published in the Inquirer (column of Neal Cruz) dated May 20, 2011

Forgotten in the recent rush to give employees minuscule pay increases are the rank and file employees of Land Bank of the Philippines (LBP), as differentiated from its officers and directors. The last time the 5,800 rank and file LBP workers were given pay raises was six years ago, notwithstanding the provision of LBP’s charter that its compensation plan shall be subject to periodic review by the Board of Directors no more than once every two years. Supervening events like last year’s national elections, Senate inquiry on the pay and perks of government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs), and the issuance of Executive Order 7 derailed the approval of the compensation plan.

With the exemption of LBP from the Salary Standardization Law (SSL), economic benefits enjoyed by its employees used to be at par with that of other GOCCs/GFIs, but now it pales in comparison with its counterparts in the government sector. “This is ironic because the primary purpose of exemption from SSL is to provide competitive benefits to LBP employees to maintain and attract bright minds in its workforce,” said a letter from its employee association, the Landbank Employees Association (LBPEA).

“This present predicament of LBP employees is brought about by its outdated pay plan. Disregarded is the fact that that the institution has been remitting annually to the national government billions of dividends earned through the hard work and dedication of its employees.”

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