Lusaka, Zambia, June 25, 2024
In a landmark event for unionism, United Bank for Africa (UBA) Zambia (UBA Zambia) and the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) officially signed a new collective agreement at UBA’s head office at Acacia Park, Lusaka. This agreement includes a 35% salary increment for UBA unionized employees and marks a significant milestone as the bank celebrates its 75th anniversary.
Mr. Kasapo Sundrea Kabende, the General Secretary of ZUFIAW, represented the union in the signing of the agreement. He acknowledged the current challenges facing the banking industry and the impact of central bank adjustments on operations.
“Among the core values of the union is hard work, and we believe that as the work is done, so shall the benefits be available,” Kabende stated. He highlighted ZUFIAW’s commitment to fostering positive relations with management, promoting an open-door policy, and maintaining a partnership built on mutual respect. Kabende expressed hope that the new agreement would alleviate worker anxiety and enhance productivity, allowing employees to focus on delivering excellent service, as delayed negotiations stress workers and therefore affect productivity.
UBA Zambia’s Managing Director and MD/CEO, Chinedu Obeta, also addressed the gathering. He emphasized the importance of human capital, stating, “People make the banks,” which has contributed to the bank’s 75-year legacy. Obeta expressed optimism about future negotiations with the union and highlighted the bank’s commitment to improving relations with its workforce. He noted the bank’s longstanding history, celebrating its achievements and the pivotal role its employees have played in its success.
The signing ceremony was a momentous occasion, symbolizing a significant step forward in the partnership between UBA Zambia and ZUFIAW. Kabende commended the collective bargaining unit for their efforts in concluding the negotiations and congratulated them on their achievements. He emphasized the importance of timely and effective negotiations in ensuring a motivated and productive workforce.
The newly signed collective agreement is a testament to the relationship between the union and the bank. This milestone sets a positive tone for the future, underscoring the bank’s dedication to its employees and its forward-looking approach to labor relations.
The agreement will run until the second quarter of 2025.
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