An arbitrator has awarded bank employees a 10 percent salary increment which will see the lowest paid worker getting $632 a month from $575, the Zimbabwe Banks and Allied Workers Union secretary general, Mr Peter Mutasa has said.
He said the award was back-dated to January. He said the employers through their representative body, the Bankers Association of Zimbabwe (BAZ) had appealed to the Labour Court against the award.
“We have held our collective bargaining for this year and bank workers have been given an arbitration award that will effect a pay rise of $632 per month for the lowest paid worker from $575. The award is back-dated to January 2012 and covers up to the end of the year,” he said.
“The employers have appealed against the award through the Labour Court and we are expected to appear in court any time soon.”
BAZ president Mr George Guvamatanga referred questions to the association’s chief executive officer, Mr Sijabuliso Biyam.
Contacted for comment Mr Biyam said: “Where is that question coming from? Is it a fair question to ask me?
“When you are awarded a salary increase do you go about telling people about it? Ask whoever told you for more details.”
Recently, bank workers threatened industrial action over salary adjustments.
Commenting on the new minimum capital requirements for financial institutions announced by the Reserve Bank of Zimbabwe, Mr Mutasa said panic would grip depositors and employees in the banking industry.
“The new capital requirements have sent a lot of panic to depositors. Also employment for workers in the banking sector is being threatened,” he said.
Presenting the mid-term monetary policy review statement last week, RBZ Governor Dr Gideon Gono said commercial and merchant banks would be required to have minimum capital of $100 million from $12.5 million and $10 million respectively.
Minimum capital threshold for building societies were also increased from $10 million to $80 million, finance and discount houses from $7.5 million to $60 million and from $1 million to $5 million for microfinance institutions.
He said the institutions should be fully compliant by June 2014, but should meet 25 percent of the new equity capital levels by the end of the year.
Dr Gono said the increase in minimum capital levels for banks had been necessitated by the dynamic nature of the financial landscape, regulatory requirements, increase in competition and economic uncertainties, which has placed an unprecedented pressure on banks to be adequately capitalised.