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Bank of China Protects Employees' Rights and Interests


2008-07-01

Rational Employment

Based on its business development needs, Bank of China has been providing job opportunities by employing fresh graduates and overseas returnees, and through social recruitment. From 2005 to 2007, the bank had provided 8,441,11,896 and 10,847 jobs to the society respectively with the number of newly recruited workforce rising every year; and the salary of new staff is higher than the average level of the society. Hence, the Bank was awarded the title of "The Best Employer" by the authorities for two consecutive years. During the joint-stock reform, the Bank has been generally praised for insisting on the "no massive downsizing" policy. Its overseas branches have long been upholding the "localization" recruitment principle with the ratio of local employees exceeding 97%. Labor unions have been set up in the head office and branches to protect employees' legitimate rights and interests as well as democratic rights through participation in the Bank's democratic management on behalf of employees. While entering into labor contracts with employees, the Bank has strictly conformed to the relevant laws and regulations issued by the State on working hours, i.e. no more than 8 hours a day and 40 hours a week. In case of overtime work, the Bank will assume the additional payment. According to the relevant regulations of the State and the Bank, Bank of China's employees are entitled to all kinds of welfares, like regular medical examination and the rights of rest and leisure. The Bank has drafted the Interim Procedures on Labor Protection of Female Employees, and abided by the State regulations on prohibition of use of child labor.

Staff Training

Bank of China has attached much attention to staff training. Targeted training has been carried out for executives, technical personnel and operators in the international financial research institutes in Beijing and Shanghai, as well as at the training centers at home and in New York, London, Singapore and Hong Kong, with the annual training coverage exceeding 98%.

In cooperation with Peking University, Tsinghua University, Shanghai University of Finance and Economics, City University London, the University of Illinois and other colleges, Bank of China has strived to strengthen the administrators' leadership, encouraged and funded the staff to take disciplinary courses in the spare time. The Bank has been increasing the input into staff training each year. As of 2007, 6,232 employees from various branches had been involved in the on-the-job training, the expenses of which had amounted to RMB 284,448,000.

Cultural Life

Bank of China has advocated the balance between work and life by actively organizing cultural and physical activities for employees.

Stable Workforce

The staff turnover rate (turnover rate = number of staff replaced/total number of staff) was 1.22% in 2007, which figure marked a rational and stable staff structure as well as an important guarantee for the healthy and sustainable development of Bank of China.

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