Banking sector approves backdated 50% US$ salary component – NewZimbabwe.com

By Alois Vinga

THE country’s banking sector has agreed to pay backdated 50% US$ component salary payments with effect from April 1 2023 in a development set to boost morale in the banking sector.

The sector’s employers have endured hardships following the denial by their employers to meet the US$ payment portion requirement, choosing instead to keep everything in ZWL.

Banking sector employers tried by all means to keep the situation that way despite raking in huge US$ profits over the years.

But after a series of crunching salary negotiations, the Zimbabwe Banks and Allied Workers Union (ZIBAWU) stood firm, threatening a nationwide industrial action in pursuit of US$ payments which prompted the employer side to give in.

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A recent Collective Bargaining Agreement (CBA) entered into by the Banking Employers Association of Zimbabwe (BEAZ) and ZIBAWU all being parties to the National Employment Council for the Banking undertaking confirms the amicable agreement between the parties.

“The parties have concluded negotiations for the period April to June 2023 and agreed to increase basic salaries by 45,9% on March ZWL which are inclusive of housing and transport allowance.

“Further parties agreed that 50% of the Salary balance be paid in ZWL indexed at the prevailing inter- bank rate on the date of payment,” reads the CBA in part.

Under the agreement, workers in the least grade A2 will be paid ZW$611 275 and a minimum US$280.43

Drivers will now be taking home ZW$693 186 plus US$294,46 foreign currency allowance.

Middle grade level banking sector workers in grades C, B, A will earn around ZW$800 000 and a foreign currency portion of US$370.

Senior grades from DPI to DPV will now be taking home ZW$909 978 up to ZW$ 1,1 million with US$ allowances from US$417 and a high of US$507,44.

“The agreement shall be backdated to April 1 2023 and shall run for a period of three months up to 30^th June 2023.

“Nothing in this Collective Bargaining Agreement shall prevent either party from seeking to renegotiate or amend the agreement during its operation,” the CBA added.