Promotions and demotions |
Promoted and demoted employees' shares are adjusted to the allocation appropriate and to their new grade based on the remaining term of the ESOP scheme. |
Retrenchment, Retirement, Disability and Death |
- Retrenchment, retirement and disability are referred to as "applicable reasons" within the ESOP trust deed. - When an employee exits the scheme as a result of any of these applicable reasons they will retain their share allocation pro-rated to the number of years during which they have participated in the scheme. - No penalty is applied. |
Abscondments and Dismissals |
On abscondment or dismissal, the full share allocation is forfeited regardless of the number of years the employee participated in the scheme. |
Resignations |
- On resignation from the group, beneficiaries will have to complete a minimum of 3 years' participation in the ESOP scheme in order to retain a portion of their shares. - If the employee has completed 3 years in the scheme, their share allocation will be prorated according to the number of years that the employee participated in the scheme. |