Prudential Zambia, a provider of group life insurance and health insurance solutions, recently announced an 8% salary increase across the board for its unionized employees. In addition to this, the employees will also be eligible for performance appraisals of up to 14%, based on their input.
The signing ceremony for the agreement took place on March 22, 2023, at Prudential House, Lusaka, and was attended by representatives from both Prudential Zambia and the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW).
Astridah H. Musonda, Head of HR at Prudential Zambia, welcomed the attendees and expressed her satisfaction with the outcome of the negotiations. She specifically thanked the chairperson of the bargaining unit for their leadership throughout the process.
Alfred Chifota, President of ZUFIAW, was also present and commended the bargaining unit for their hard work in achieving the agreement. He acknowledged the challenges that often arise during negotiations and emphasized the importance of having a mutual relationship between the union and the company, with a shared agenda of growth for both parties. He also praised Prudential Zambia for valuing productivity and investing in the education of its employees, which he believes will lead to faster problem-solving and overall company growth.
Blessed Mwansa Chisenga, Chief Agency Officer at Prudential Zambia(on behalf of the CEO), expressed his gratitude for the positive relationship between the company and the union. He praised the lack of deadlock during negotiations, which he believes speaks to the strong relationship that has been cultivated over time. He encouraged both the local union branch and management to continue engaging with each other on other matters outside of bargaining unit activities.
It should be noted that the salary increase and performance appraisals will be effective from 2023 to 2024.Performance appraisals will be based on the input of the unionized employees, with the aim of rewarding those who have demonstrated exceptional performance.