21 years. In addition to that immediate family member who are wholly dependent on the employee and residing with the employee shall also be included. Reimbursement of medical expenses will be made at actual but not exceeding total amount of three (3) basics of the concerned employee. An employee will allow the reimbursement of the cost of maternity twice during the entire tenure of his service with the bank. 4.5 Performance Appraisal: 1) Purpose: Annual Appraisal on each staff member’s performance is undertaken in order to: (i) (ii) (iii) (iv)
Assess the staff member’s performance in the light of his/her job responsibilities. Give the staff member feedback on his/her strength & limitations. Enable the staff member to discuss any factor, which impends the achievement of the agreed performance. Set objectives mutually for the performance and identify training and development needs for the following year.
2) Appraisal: (i) A staff member will have a formal appraisal of performance once a year. (ii) Appraisals are conducted by the Superior who supervises the work of the concerned staff Members. This is done in a constructive and supportive atmosphere and employees are encouraged to participate fully, and to voice any concern issues they may have. (iii) Performance is to be measured against standard, which must be objective and job-related and agreed with the appraise earlier. (iv) All appraisals will be reviewed by the appraiser’s Manager to that the appraise was appraised fairly and competently. (v) (vi)
Between formal annual appraisals, a superior may conduct a special appraisal. This would be to record any unusual circumstances of outstanding performances as well as poor performances. All appraisals are to be discussed with an employee.
3) Set of Objectives: a. • • • • •
Criteria for Setting Objectives: Specify the desired result what task will be accomplished if the objective is achieved? Make the result measurable can you differentiate among different degrees of achievement? Set a time frame by what date must this goal be achieved? Discuss any cost consideration how much, if anything, will achieve in terms of money and resources? Are there specific budget guidelines that must be adhere to?