{"id":33152,"date":"2021-01-20T22:15:27","date_gmt":"2021-01-20T20:15:27","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=33152"},"modified":"2021-01-20T19:02:41","modified_gmt":"2021-01-20T17:02:41","slug":"fourfold-pay-hike-offer-falls-short-of-zimbabwean-banker-demands","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fourfold-pay-hike-offer-falls-short-of-zimbabwean-banker-demands","title":{"rendered":"Fourfold Pay Hike Offer Falls Short Of Zimbabwean Banker Demands"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>Bloomberg<\/b> – Zimbabwean bank workers have been offered a once-off 349% annual-pay increase by employers, falling far short of labor union demands and setting the stage for a potential legal challenge.<\/p>\n

The proposal is in line with inflation figures released by the national statistics agency, the Banking Employers\u2019 Association of Zimbabwe, which represents 17 lenders, said in a position paper seen by Bloomberg. It offered a minimum monthly salary of $26,112 Zimbabwean dollars ($318).<\/p>\n

\u201cThe award is the full and final settlement for the year,\u201d the association said in the position paper.<\/p>\n

\u201cAny other interventions during the year will be dealt with at an institutional level as has worked out very well in the past.\u201d<\/p>\n

Zimbabwe reintroduced its own currency in 2019, after a 10-year hiatus, and has been battling bouts of hyperinflation and shortages of everything from foreign currency to food. Inflation slowed to 348.6% in December, after reaching 837.5% in July.<\/p>\n

Ralph Watungwa, the president of the Bankers\u2019 Association of Zimbabwe, confirmed the contents of the position paper, and said that employers were acting in compliance with industry agreements by matching year-on-year inflation.<\/p>\n

\u201cThe employers are not moving from that position,\u201d he said Tuesday by phone from the capital, Harare.<\/p>\n

The Zimbabwe Banks and Allied Workers\u2019 Union said in its response that salaries are constantly being overtaken by inflation and increases are often wiped out within three months of negotiations. It wants workers to be paid $636 or the equivalent in local currency using the auction rate. The local currency trades at 82 per U.S. dollar.<\/p>\n

Shepherd Ngandu, the assistant secretary-general of the union, said by phone that \u201crecourse to any lawful processes at their disposal\u201d would be sought if workers demands weren\u2019t met.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Bloomberg – Zimbabwean bank workers have been offered a once-off 349% annual-pay increase by employers, falling far short of labor union demands and setting the stage for a potential legal challenge. The proposal is in line with inflation figures released by the national statistics agency, the Banking Employers\u2019 Association of Zimbabwe, which […]<\/p>\n","protected":false},"author":84,"featured_media":33151,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":["post-33152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nFourfold Pay Hike Offer Falls Short Of Zimbabwean Banker Demands - zimbabwe<\/title>\n<meta name=\"description\" content=\"Bloomberg - Zimbabwean bank workers have been offered a once-off 349% annual-pay increase by employers, falling f ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/fourfold-pay-hike-offer-falls-short-of-zimbabwean-banker-demands\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fourfold Pay Hike Offer Falls Short Of Zimbabwean Banker Demands\" \/>\n<meta property=\"og:description\" content=\"Bloomberg - 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