Non-managerial bank workers have been awarded a 521% wage hike backdated to January this year.
The salary increment was agreed to last week by the Banking National Employment Council (NEC) comprising the Banking Employers Association of Zimbabwe and the Zimbabwe Banks and Allied Workers Union (ZIBAWU).
The lowest-paid worker will now earn $5 815.67 from $936.50 while the highest-paid gets $8 296.93 up from $1 336.06.
A communiqué signed by NEC reads in part:
Being parties to the National Employment Council for the banking undertaking to amend the principal collective bargaining agreements contained in Statutory Instrument 273 of 2000 and Statutory Instrument 150 of 2013.
Accordingly, the present collective bargaining agreement shall be read together with these two preceding agreements.
Various unions have over the past 12 months been agitating for pay rises so that workers’ earnings keep pace with galloping inflation.
Some unions representing teachers have gone as far as demanding that their members should be paid their pre-October 2018 USD-denominated salaries indexed to the Interbank Market.