Absa Bank Zambia Announces 14.8% Salary Increment for Unionized Staff
The Zambia Union of Financial Institutions and Allied Workers (ZUFIAW), Bankers Union of Zambia (BUZ) and Absa Bank Zambia PLC have concluded the 2024 salary negotiations at the rate of 14.8% salary increment for all its unionized staff members of staff.
The parties announced the increment during a signing ceremony and media briefing attended at Absa Bank Zambia’s state of the art ultra modern Headquarters in Lusaka, on the 8th of February 2024.
At the signing ceremony, the parties affirmed that the salary increment agreement, effective from 1st April 2024, reflected Absa Bank Zambia’s ongoing commitment to investing in its workforce and maintaining its status as a top employer in the region.
The negotiations, which began on 11th December 2023 and concluded on 1st February
2024, were marked by a spirit of cooperation and mutual respect between the bank and
the unions. ZUFIAW President, Mr. Alfred Chifota, acknowledged the compromise, stating, “While the increment may not meet the initial expectations of our members, it is a significant step towards addressing the challenges posed by the current economic environment.” He emphasized the importance of a balanced approach to negotiations, ensuring the needs of both employees and the institution are met.
Echoing Mr. Chifota’s sentiments, the President of the Bankers Union of Zambia, Mr.
Melvis Saviye highlighted the positive impact of the salary increment on employee
performance and productivity, particularly in light of the rising cost of living. “This
agreement is a commendable example of the constructive bargaining process and the
shared commitment of Absa Bank Zambia and the unions,” he remarked.
Absa Bank Zambia remains focused on its strategic objectives for 2024, with this
agreement serving as a catalyst for achieving greater success and reinforcing its position
as an employer of choice in Zambia.