SIC Insurance PLC has been in the trends since it emerged that the former MD in the person Hollistar Duah-Yentumi has failed to hand over to the newly appointed MD.
The immediate past MD has sued the company for trying to replace her when the contract she has with them has not ended.
In her suit to the court, she stated that the contract was to expire on 1st January 2028 but the company is now trying to wrongfully terminate her contract.
Hollistar Duah-Yentumi is praying to the court to order them to pay her a salary from now up until the end of her contract adding that this will be the only way to get her to leave and hand over.
Despite enjoying a lot from her position over the past years, she has listed some demands that would make her exit her position peacefully.
Well, we take a look at the demands Hollistar Duah-Yentumi is seeking before leaving her position as MD for SIC Insurance.
a. Gross basic salary of GH¢840,000.00 per annum, which is subject to an annual upward review rate of 15%.
b. Payment of the plaintiff’s Social Security and National Insurance Trust (SSNIT) and provident fund.
c. The provision of official accommodation and its maintenance to a suitable standard, at a cost of up to GH¢200,000.00.
d. A clothing allowance of 10% of the annual basic salary, payable once a year by the end of the payment year.
e. An entertainment allowance of 10% of the annual basic salary, payable monthly in twelve (12) equal instalments per year over the tenure of this contract.
f. A monthly canteen allowance of GH¢850.00.
g. A professional allowance of GH¢1,200.00.
h. Payment of all utility bills, property rates, and other taxes levied on her official residence.
i. Payment of annual membership dues for only one professional association of her choice.
j. Payment of membership fees for a health or sports club of her choice, not exceeding GH¢3,000.00 per annum, paid directly to the sports club.
k. Provision of one domestic (house) help or cash in lieu of GH¢3,000.00.
l. Provision of one personal security officer at the MD’s residence or cash in lieu of GH¢3,000.00.
m. Provision of one gardener at the MD’s residence or cash in lieu of GH¢2,000.00.
n. Provision of medical care for the managing director, her spouse, and five children below the age of 18, or up to 22 years if still schooling or unemployed, at the Bob Freeman Clinic.
o. Provision for the sole use of the managing director of a suitable company car (i.e. a V8 Toyota Land Cruiser) and payment of all expenses related to its maintenance and insurance.
p. Provision of 450 litres of fuel per month for the official vehicle.
q. The company car referred to above shall be sold to the managing director upon the expiration or termination of this agreement in accordance with the company’s asset disposal policy. Disposal of the vehicle to the managing director upon earlier termination of this agreement by the managing director shall be at the board’s discretion.
r. The managing director shall be entitled to thirty (30) working days of paid vacation (exclusive of statutory holidays) each year at such times as the board may approve.
s. The managing director shall be entitled to an annual familiarisation tour to any destination. SIC shall pay an amount not exceeding US$3,000.00 for an air ticket for the trip upon proof of undertaking the trip. The annual familiarisation benefit is a “use it or lose it” benefit.
t. The managing director’s annual familiarisation tour shall be considered part of her entitled paid vacation days each year and shall therefore be deducted from the total entitled days when taken.
u. The managing director shall be paid a per diem of US$810 for all international travels for seven (7) days towards the familiarisation tour referred to in section 5.3 (xiii). Payment shall commence before her departure.
v. Provision of a personal accident and life insurance cover in an amount equivalent to five (5) times the managing director’s annual basic salary.
w. In the course of her duties, the managing director shall be provided with a business-class airline ticket for official trips and be paid a per diem of US$810.00 per day.
x. Payment of an annual bonus shall be based on the achievement of set targets. The amount payable shall be determined in accordance with the Bonus Policy of the company.
y. Benefits and allowances that are not specified in this contract but to which the MD may be entitled will be paid at the current General Manager’s rate plus twenty (20) percent.
According to the lawsuit, there will be an annual 15% increase review of the pay and benefits argued above.
Source: Ghpage
