By Own Correspondent

PARTIES at the  National Employment Council (NEC) for the Banking undertaking has approved a 10% salary hike..

The agreement brokered by key parties at the NEC, Zimbabwe Banks and Allied Workers Union (ZIBAWU) and the Banking Employers Association of Zimbabwe (BEAZ) is with effect from the beginning of 2025.

“The parties have concluded negotiations for the period 1^st January to 31^st of December 2025 and agreed to increase the industry minimum basic salaries by 10% on the obtaining minimum wages and salaries which are inclusive of housing and transport allowances,” reads the agreement in part.

Further the parties agreed to maintain the currency US$: ZWG threshold at 73% , 27% for grades N/C to DPV.

This means that at least 73% of the salary shall be paid in hard currency US$ at the remaining 27% may be paid in ZWG indexed at the prevailing interbank rate on the date of payment.

Accordingly, the least paid employee in Grade A2 will see the salary increasing from a total of US$644 to US$709 per month with US$517.93 payable in hard currency and US$191 payable in ZWG.

Driver B1 salary moved from US$731.42 to US$804.56 with US$587.33 payable in US$ and US$217 in ZWG.

Mid grades like Grade B5 salary moved from US$889.04 to US$977.94 with US$713.90 in foreign currency and US$264 in local currency.

“All employers are required to pay the 73% USD component of salary , however those who are not able to pay this hard currency component may apply for exemption to the NEC subject to exhausting the necessary internal requirements.

“Those who are able to pay more than 73% in US$ may do so in line with their internal arrangements,” the statement added.