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ABSA announces K2,500 across the board salary increase

ABSA has announced an unprecedented base salary increment of K2,500 across the board with effect from April 1.

Absa managing director Mizinga Melu revealed that the increment represents a 21 per cent and positions the bank as a leading employer in the market.

She said after a protracted and engaging period with the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) and Bankers Union of Zambia (BUZ), negotiations for the 2021 Collective Bargaining Agreement (CBA) commenced on June 9, 2021.

“The negotiations proceeded by BUZ and ZUFIAW, as required by law and we are pleased to advise that the negotiations have been concluded and a new CBA (Collective Bargaining Agreement) signed with BUZ and ZUFIAW,” Melu said.

She said key among items agreed and concluded and enhanced during the negotiation period included ATM Custodians and Card Acquiring Merchants and Technology allowances.

“Others items agreed and concluded include the Funeral grant for employees, spouse and children as follows: Accommodation and travel allowance,” she said.

Melu further advised that that Absa had brought in a new aspect of early retirement, which allows its workers who have served the bank diligently the opportunity to voluntarily leave the bank and pursue other personal interests.

She said Absa’s approach, together with the union, was to maintain a leading position in the market in all areas.

“We would like to thank our partners, ZUFIAW secretariat, and the ZUFIAW branches across the country, BUZ secretariat and the BUZ branch. This lays a good base for us to continue to engage on various matters in the interest of our people. We would also like to sincerely thank our members of staff for their patience during this period. We remain committed to ensuring that we always provide our people with the best conditions of service,” said Melu.

ZUFIAW general secretary Chingati Msiska said union members were excited about the new development.

He noted that negotiations were not easy but the labour movement was always happy when time for actualisation of the collective agreement reached.

“As a union, we strongly believe in the spirit of working together as partners, being objective, being productive and being people that are going to represent the cause and the affairs of our members. This calls for honesty, consultation and as a union we want to underscore the New Dawn government that this is the principle that we are going to adopt and we will run with it as long as the workers’ aspirations are met,” Msiska said.

He said at times it was regrettable that differences arise between parties and end up failing to find amicable solutions.

Msiska said unions were there to see to it that institutions such as Absa remained productive.

Meanwhile, Bankers Union of Zambia (BUZ) vice general secretary Mwape Chanda said she was happy that finally, together with the sister union ZUFIAW, the bargaining process was concluded.

She said it was time to soldier on for the betterment of their members and the employer, Absa, in an effort to provide an enabling environment as they push the bank further and improve the country’s economy.

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