Stanbic Bank pays workers advance wage to avert strike

STANBIC Bank Limited, a subsidiary of the South African based Standard Bank of South Africa Limited, advanced its employees ZWL$1 000 in allowances to avert a strike last week as the economic situation continues to deteriorate.

This paper understands that last Wednesday, employees from both the Jason Moyo branch in Bulawayo and Nelson Mandela branch in Harare had last week planned to camp in the banking halls in protest over poor salaries.

"We have been advised that they were paid an allowance, which is an advance payment to be deducted from the July payday, just to cushion the staff. Salary adjustments will be discussed in the next works council," Zimbabwe Banks and Allied Workers' Union (Zibawu) secretary-general Shepherd Ngandu told NewsDay.

Stanbic Bank confirmed that it was working on providing a cushioning allowance to workers, but denied that a strike nearly occurred last week.

"We are aware of the economic situation and its impact on the general population, including our employees. As such, the bank is currently working on sustainable solutions to cushion our employees against the prevailing challenges. During this process, the leadership continues to engage with employees on the same," Stanbic, in emailed responses to NewsDay, said.

Standard Bank is present and operates in 18 African countries.