Employers should pay staff salary in cash

Briefs, Letters

I AM writing this letter to urge existing BSP customer to decide what is best in light of BSP’s decision to impose a number of banking and transaction fees on its valued customers. 
After telling us to “love our bank”, we are hit with ridiculous high charges.
I am concerned about the charges because about a year or so ago, it had imposed a minimum account balance of K20 to maintain its cash liquidity.
It has continued to charge bank account fees and it seems that is not enough.
God knows how much it has earned and yet it wants to tax us of our hard earned money.
As a simple wage earner, like thousands of Papua New Guineans, who receive our regular fortnight salary in our Kundu Saver account, I feel I am entitled to maximise the benefit of my salary without having to worrying about fees every time I withdraw K20.
I make 20 visits to the bank or ATM within the fortnight.
From the way BSP has structured its fees, I will end up with “donating” a chunk of my salary to the bank.
I am putting an end to this by withdrawing my salary immediately as soon as it is credited into my account.
Another option would be for employers to pay their workers cash.
I call on BSP to review its decision and failure to do so may see its customers closing their accounts and walking across the road to open accounts as ANZ Bank, Westpac or even MicroBanks.
What is more interesting is this decision comes straight after its declaration of more than K150 million in operation profits for 2009.
I will close my Kundu account and cannot wait to see what will happen when more than 100,000 accounts are closed.

Jackson Libai
Via email