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Banks Cashing In On Civil Servants' USD Bonus

Banks Cashing In On Civil Servants' USD Bonus

The Ministry of Finance and Economic Development has accused some local banks of cashing in on civil servants’ United States dollar bonuses through compulsory liquidation of their 13th cheque into local currency.

Civil servants started receiving their bonuses in US dollars this week capped at US$700, with those earning above the limit set to receive the balance in local currency.

The Finance Ministry Friday warned banks against converting US dollar bonuses or levying unnecessary service charges to allow the civil servants to access their bonuses in full. Finance Minister Mthuli Ncube said in a statement:

It has come to the attention of Treasury that some banks are compulsorily liquidating civil servants bonus payments and thereby forcibly paying them in domestic currency.

In addition, banks have resorted to making arbitrary charges against the bonus payments, with some taking significant portions of the wages in the form of bank charges.

The ministry said the practices by banking institutions were taking away the intended benefits of the bonus payments.

Banks were advised that all civil servants should be allowed to withdraw their bonus payments in full US dollar subject only to existing daily cash withdrawal limits set by the Reserve Bank of Zimbabwe. 

Farai Masimu, a teacher who spoke to NewsDay Weekender, expressed anger saying: “I didn’t get my full bonus amount. I only got $180. The rest was lost to service charges, as I was told by the bank authorities.”

More: NewsDay



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5 comments

ShamaFay 1 month, 2 weeks ago

Fix the economy and pay people decent bonuses moita avail the forex to the banks.
Banks are in business. Musanakurire banks nyoka mhenyu. Ahiii.

Reply
Chamatams 1 month, 2 weeks ago

Aaa ko mateacher havana kupiwha mari yavo iri in USD yese yakakwana wani. Takanzi US$700. Ko ya US$180 chete. What is happening. Mapurisa batai maBanks. Vari kuramba ne US$ redu ratakapiwha ne Gvt yedu. Imi ma banks imi.Itai zvinofamba. "INONZI BONUS. IIII".....Yooo

Reply
Mugabe 1 month, 2 weeks ago

minister imboudzai zuva idzikise peturo tione 🙊🙊🙊

Reply
Chapwititi Kestombela 1 month, 2 weeks ago

Why not punish those banks that aren't listening to their responsible minister? That would be a deterrent for would be followers of this stupid nuisance behavior

Reply
Doug 1 month, 2 weeks ago

They know, but nothing will be done. It is banks and the Ministry in one corner, and, civil servants and pensioners in the other corner.

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