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Zimbabwe banking sector workers get 7,5% pay rise
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Bank workers in Zimbabwe will receive a 7,5 percent minimum salary adjustment for 2026 following the conclusion of negotiations between employers and the trade union representing employees in the sector.
The agreement, reached under the auspices of the National Employment Council for the Banking Undertaking, provides for an increase in industry minimum basic salaries inclusive of housing and transport allowances for the period January 1 to December 31, 2026.
Under the new deal, the lowest-paid bank employee will now earn US$762,70 per month. Of that amount, US$556,77 will be paid in United States dollars, with the remaining 27 percent payable in the local ZiG currency at the prevailing interbank rate on the date of payment.
The parties agreed to maintain the USD to ZiG salary threshold at 73 percent to 27 percent for grades N/C to DPV, meaning at least 73 percent of salaries must be paid in hard currency. Employers unable to meet the hard currency component may apply for exemption through the NEC after exhausting internal processes, while those capable of paying more than 73 percent in USD are permitted to do so.
The agreement was entered into in terms of the Labour Act (Chapter 28:01) between the Banking Employers Association of Zimbabwe, representing employers, and the Zimbabwe Banks and Allied Workers Union on behalf of employees.
Both organisations are parties to the NEC for the Banking Undertaking and agreed to amend the principal collective bargaining agreements contained in Statutory Instrument 273 of 2000 and Statutory Instrument 150 of 2013.
The new wage structure entrenches a predominantly US dollar pay framework in the banking sector, reflecting ongoing currency realities. The agreement took effect on January 1, 2026, and will run until the end of the year, although either party may seek renegotiation in the event of significant changes in the macroeconomic environment.
The agreement, reached under the auspices of the National Employment Council for the Banking Undertaking, provides for an increase in industry minimum basic salaries inclusive of housing and transport allowances for the period January 1 to December 31, 2026.
Under the new deal, the lowest-paid bank employee will now earn US$762,70 per month. Of that amount, US$556,77 will be paid in United States dollars, with the remaining 27 percent payable in the local ZiG currency at the prevailing interbank rate on the date of payment.
The parties agreed to maintain the USD to ZiG salary threshold at 73 percent to 27 percent for grades N/C to DPV, meaning at least 73 percent of salaries must be paid in hard currency. Employers unable to meet the hard currency component may apply for exemption through the NEC after exhausting internal processes, while those capable of paying more than 73 percent in USD are permitted to do so.
The agreement was entered into in terms of the Labour Act (Chapter 28:01) between the Banking Employers Association of Zimbabwe, representing employers, and the Zimbabwe Banks and Allied Workers Union on behalf of employees.
Both organisations are parties to the NEC for the Banking Undertaking and agreed to amend the principal collective bargaining agreements contained in Statutory Instrument 273 of 2000 and Statutory Instrument 150 of 2013.
The new wage structure entrenches a predominantly US dollar pay framework in the banking sector, reflecting ongoing currency realities. The agreement took effect on January 1, 2026, and will run until the end of the year, although either party may seek renegotiation in the event of significant changes in the macroeconomic environment.
Source - Newsday
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