News
Market
Jobs
About
Contact
List Product
Register
Login
Generate
WhatsApp Message
*Banks Cashing In On Civil Servants' USD Bonus* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?ld 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. ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- 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 _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
Copy to clipboard
Give us Feedback
Full Name
WhatsApp Number
Feedback
Submit
Feedback