Workers in the banking sector have resolved to renegotiate the just concluded Collective Bargaining Agreement (CBA) saying rising inflation has already eroded the wages.
Under the latest CBA signed on 5 April 2022, banking sector employers agreed to increase salaries by 60.7%.
The least paid worker in the banking sector will take home ZW$90 000 per month, up from ZW$26 112.
The highest-paid worker in grade DP V will now be taking home ZW$142 822, up from ZW$41 438.
However, Zimbabwe Banks and Allied Workers Union (ZIBAWU) secretary-general, Peter Mutasa, said the wages have to be renegotiated as rising inflation has wiped out their value. Said Mutasa:
We are deeply worried that the workers are the only losers now in the labour market. The continued bargaining based on RTGS isn’t sustainable anymore.
Soon after signing a collective agreement, inflation and exchange rate losses wiped all the gains and workers are back, if not worse than they were.
For the banking sector, we have no choice, we have to drag employers back to the negotiations table again.
Our agreement is clear that either party can call for negotiations anytime.
We believe it was unfortunate that before workers earned the new salaries, inflation and exchange rate losses have made these salaries nugatory.