ABSA effects 21 percent increment to all its workers

ABSA bank PLC has effected a 21 percent increment to all its workers in order to cushion the challenges employers have been facing due to the tough economy.

ABSA bank PLC Managing Director, Mizinga Melu disclosed that the bank with the Zambia Financial and Allied Workers Union (ZAFIAWU) and the Bankers Union of Zambia (BUZ) have agreed to give all members of staff K2,500 increment per month with effect from April 1, 2021

Ms Melu noted that the bank will also give employees an exceptional discretion, one off payment of K12, 500 in addition to the 21 percent increment.

“Our employees will all walk away with a discretionary management payment of K12, 500, in addition to the 21 percent that we are giving them that amounts to K2, 500increment across the board with effect from the first of April,” she said.

Ms Melu stated that the bank will also enhance the conditions of service for ATM custodians as well as the card acquiring merchants by giving them additional allowances.

She also expressed happiness that the board has approved and signed a new early retirement scheme that allows members of staff who would like to retire early to do so.

“Despite the challenges we may be facing, our people need to be taken care of, that’s why we have continued to have negotiations to grow the bank to a bank of choice in the country,” she added.

She expressed happiness that the bank together with ZAFIAWU and BUZ has managed to effect strides that will better the members of staff.

Ms Melu said this during the signing ceremony of the 2021 collective bargaining agreement with ZAFIAWU and BUZ held in Lusaka today.

She also mentioned that the bank did not lay off any employees during the name-changing transition process of the bank, but instead, created more employment.

Speaking at the same event, ZAFIAW Secretary-General Chingati Msiska expressed happiness that the collective agreement was signed and actualized.

Mr Msiska said the union will adopt the government’s goals to enhance productivity by meeting all workers’ aspirations.

“Many times, we look at the good and the benefit the members are going to achieve as they remain your worker. The Union would like to see this institution do better and prosper, provided that the interest and rights of members are safeguarded,” he added.

Meanwhile, BUZ Deputy Secretary General Mwape Chanda expressed gratitude to ABSA management and ZUFIAU for agreeing to move forward and work together for the betterment of employees which will in turn make them more productive and improve the economy of the country.