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New Era Newspaper Friday December 8, 2017

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18 Inside BUSINESS

18 Inside BUSINESS Friday, December 8 2017| NEW ERA It is vacation time: Do I pay my domestic workers? It is that time of the year again when most employers are preparing to go on vacation. Some would travel abroad while some opt to spend their holidays locally, be it at their homes or visiting different places. Some employers of domestic workers may decide to travel with their domestic workers while some would use the opportunity to release them (domestic workers) to take leave and spend their holidays wherever they want to. These questions and answers give an insight into what you should know regarding annual leave and remuneration: Am I required to pay the domestic worker who is on leave? Yes. Any worker is entitled to full remuneration while on annual leave in terms of the Labour Act (Act No. 11 of 2008). The domestic worker is, therefore, entitled to full remuneration while on annual leave. It is unlawful to deduct or withhold part of or whole of the remuneration of any employee while on an authorised leave. The time of payment of full monetary remuneration should not be later than one hour after the end of the agreed pay period. May I ask the domestic worker to remain available at my house during his/her annual leave? No. The Labour Act prohibits the employer from requiring or permitting an employee who is on leave to work for him or her during such leave. May I combine the domestic worker’s leave with mine? No. The employer who is on leave and requires the domestic worker to remain or travel with him or her while conducting domestic work must deem Change Latest 3 months 0.00% 7.13% 6 months 0.01% 7.73% 9 months 0.00% 7.98% 12 months -0.02% 8.30% 0.00% Latest GC18 (R204 : 7.46%) -0.04% 8.37% GC21 (R208 : 8.2%) -0.06% 9.02% GC24 (R186 : 9.14%) -0.08% 10.36% GC27 (R186 : 9.14%) -0.08% 10.75% GC30 (R2030 : 9.6%) -0.08% 11.27% GC32 (R213 : 9.66%) -0.08% 11.37% GC35 (R209 : 9.85%) -0.09% 11.28% congress. Photo: Nampa MARKET OVERVIEW %Change 0 Gold -0.17% $ 1,273.96 Platinum -0.67% $ 920.03 Copper 0.00% $ 6,826.00 Brent Crude -0.22% $ 62.25 %Change - NSX (Delayed) -0.01% 1217.99 JSE All Share -1.18% 58,903.10 SP500 -0.11% 2,639.44 FTSE 100 0.14% 7,349.40 Hangseng -1.01% 28,842.80 DAX -0.21% 13,031.49 %Change - Financials 1.39% 16,614.40 Resources -2.22% 35,672.20 Industrials -2.01% 80,988.25 %Change - N$/US dollar -0.08% 13.5071 N$/Pound -0.47% 18.1278 N$/Euro -0.23% 16.0031 US dollar/ Euro -0.15% 1.1848 Latest Previous Namibia Inflation (Oct 17) 5.2 5.6 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75 135 130 125 120 115 110 105 100 such domestic worker as on duty and not on leave. Such domestic worker will be entitled to full remuneration including overtime, night, Sunday or public holiday allowances as applicable. May I treat my domestic worker to a memorable holiday instead of salary? No. The Domestic Workers Wage order prohibits the payment in-kind or deduction of the in-kind payment value from the domestic workers’ remuneration. Does my employer leave mean lesser work for me (domestic worker)? No. The employer’s holiday 12/31/2013 does not naturally relieve the domestic worker from his/her contractual obligations and agreed duties. This article is supplied by the Ministry of Labour, Industrial Relations and Employment Creation. For more information on the Wage Order for Domestic Workers, visit the ministry’s website: or our promotional partner New Era Publication Corporation (NEPC)’s website: https://www. Any query may be forwarded to Domestic., SMS line 66111, Tel: 061 20669111, or Fax: 061 212323. 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017 IMF warns on brewing risks in China’s BEIJING The International Monetary Fund yesterday warned of brewing risks in China’s banking system, as it found dozens of crucial lenders needed to beef up The report comes a day after regulators in Beijing drafted new rules to strengthen bank funding and follows a number of alerts about a ballooning debt problem in the world’s number two economy. Near the top of the list in the IMF study is the need for banks to increase their capital to ward off risks from mounting debt. China has largely relied on debt-fuelled investment and exports to drive its tremendous economic growth, but the IMF said this model has reached its limits. Part of the problem lies in high growth targets, the IMF said, which incentivise local governments to extend credit and protect failing companies. “We recommend the authorities to de-emphasise the GDP” growth, Ratna Sahay, deputy director of the IMF’s Monetary and Capital Markets Department, said during a news conference. China should “incite local governments to strengthen supervision on risks”, she said. Abundant credit allows local governments to of debt is producing diminishing returns. The ballooning debt - estimated at 234 percent of gross domestic product by the IMF - adds economic growth. “Credit growth is an important indicator of future fall in the rush to make more loans,” IMF experts warned in a blog post. The fund’s experts carried out stress tests on dozens of banks. China’s big four banks had adequate capital but “large, medium, and city-commercial banks appear vulnerable”, the IMF said. It added that 27 out of 33 banks tested, accounting for three-quarters of China’s banking system assets, were “undercapitalised relative to at least one of the minimum requirements”. The China Banking Regulatory Commission on Wednesday released a draft of fresh rules to tackle those issues. The latest regulations call for new indicators to monitor commercial banks’ liquidity and set related requirements. They will “strengthen management of liquidity risk for banks and protect the safety and stability of the banking system”, the commission said. - Nampa/AFP NOTICE OF ENVIRONMENTAL ASSESSMENT AND PUBLIC PARTICIPATION PROCESS Plan Africa Consulting cc hereby gives notice to all potential Interested and Affected Parties (I&APs) that an application will be made to the Environmental Commissioner in terms of the Environmental Management Act (No. 7 of 2007) and the Environmental Impact Assessment Regulations (GN 30 of 6 February 2012) for the following: Project Tittle: Proposed subdivision and creation of street. Project Description: Subdivision of Erf 2292 Keetmanshoop into Portion A, B, C, D, E and Remainder, which Includes Access Roads Construction. Project Location: Erf 2292 is a sizable ERF stretching north from the B1/ B1 National Road in the east, the town access road from the B1 in the south and west, in Keetmanshoop, Karas Region-Namibia. Proponent: Southern Dunes Properties cc and Mariental Toyota IAPs are invited to register with the consultant and give their comments and concerns in writing. Please note that a public meeting participation and comment period is effective from 28 th of November 2017 to the 12 th of December 2017. To register or request for documents please submit your name, contact information and interest in the project, in writing to: Email: Phone: +264813634904

Friday, December 8 2017 | NEW ERA ADVERT 19 December 2017 BULLETIN IUM and Bank of Namibia Enter into Internship Partnership a Memorandum of Understanding among others, establish an internship them gain practical experience and enhance employability skills at the The internship programme will expose students to various areas in the bank, such as human resources, management, and research. organisations acknowledged that institutions of higher learning would not be able to produce graduates with the complete set of skills without the assistance of the industry and that the best way to produce graduates who were well prepared to enter the job market was by making sure that the students were given opportunities to get exposed to the industry during their training so how on the operations of the industry. Mr. Ebson Uanguta, Deputy Governor was the beginning for the two institutions to work together and form a strong foundation that would help the country to developmental objectives and aspirations as a nation. He pointed out that the bank believed that the new partnership cemented the initiative of ensuring the building of a very strong foundation with the necessary skills by providing practical training to the students as part of its social responsibility. although the University provided students with sound theoretical knowledge, IUM Develops New Qualifications Signing of the Memorandum of Understanding (MoU); from left: Mr. Gerry Munyama, Director of Marketing, Communication and PR at IUM, Prof. Kingo Mchombu, Acting Vice-Chancellor of IUM and Mr. Ebson Uanguta, Deputy Governor of Bank of Namibia the provision of full experiential knowledge was not possible in a University setting. He added that students therefore needed to go out on internships to gain practical knowledge which could only be provided through university-industry collaboration. as it will open up other opportunities and enable other areas for collaboration to be explored in the future. Dr. Demus Makuwa, Director of Quality Assurance and Management at IUM IUM and Edutus College in Hungary Sign a Cooperation Agreement and accreditation conditions set by the Namibia quality assurance and quality management policy. The demonstrates commitment to continuous improvement of all aspects of service delivery. to the changing global economy is a matter of top priority. undertake academically and professionally stimulating studies based on the latest developments in Science and Technology; and they will be equipped with modern skills and knowledge in order to be employable, self-employed and/or become creators of employment. of tertiary education and collaborate with reputable higher education institutions. postgraduate studies in education and research, development of graduate and postgraduate Education in Tourism, Management and Marketing, as well as the support of exchange of teachers, students, and graduates. Furthermore, the agreement states the areas of joint research activities, exchange of about conferences. Prof. Kingo Mchombu, Acting Vice-Chancellor at IUM and Hon. György Trepper, Honorary Ambassador of Hungary in Namibia A UNIVERSITY DEDICATED TO ITS PEOPLE’S FUTURE

New Era

New Era Newspaper Vol 22 No 167