Headline: Absa Bank Zambia PLC signs Collective Bargaining Agreement with the Bankers Union of Zambia (BUZ) and the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) for 2023/2024
Absa Bank Zambia PLC today announced the conclusion and signing of the full 2023/2024 Collective Bargaining Agreement between the Bank, Zambia Union of Financial Institution and Allied Workers – ZUFIAW and Bankers’ Union of Zambia – BUZ. The Bank has offered K2,600 salary increments across the board for all unionized employees effective 1 April, 2023.
On 14 November 2022, negotiations commenced and were concluded on 16 November 2022.These negotiations are for the Collective Bargaining Agreement for the period 2023 to 2024. After amicable and efficient negotiations, the parties agreed to a salary increment of K2,600.00 across the board for all represented employees effective 1 April 2023. This year’s negotiations considered all conditions of service and various allowances were adjusted upwards as follows;
ATM/Merchant Card and IT allowances were increased to a monthly gross amount of K4,400.00. This year’s Bargaining Unit also introduced a hardship allowance for represented employees working in Kasama, Mansa, Nakonde and Mongu. The hardship allowance will be paid at gross monthly rate of K650.00.
Speaking at the CBA signing ceremony, Absa Bank Zambia PLC Managing Director – Mizinga Melu said: I am extremely delighted to mention that we have concluded these negotiations in record of three days and really wish to thank the Union leaders for demonstrating highest standard of professionalism and objectivity on the negotiating table.
“As a Bank we continue investing in our people and this is attested in the conclusion of the 2023/2024 Collective Bargaining Negotiations owing to our ongoing partnership with the two Unions, ZUFIAW and BUZ. In March 2022, our represented employees were awarded a salary increment of K1,950.00 across the board after negotiations that considered only the basic salary as per Clause 1(b) of the signed Collective Bargaining Agreement which mandates both parties to enter into negotiations for rates of pay after 12 months of the validity period of the agreement,” said Mrs Melu.
Furthermore, I am also happy to note that these negotiations considered the macro-economic fundamentals that affect the welfare of employees such as inflation which currently stands at 9.9% and we were able to award our staff an increment above that, added Mizinga Melu.
Meanwhile ZUFIAW General Secretary Kasapo Kabende said; the union is happy with the increment and it will make their members happy in the new year to come. This achievement would not have been possible without the support of our partners, BUZ Secretariat and Absa Management. We also like to extend thanks to the Absa employees, especially the represented, who remained calm and trusting until the conclusion of this process.
“We are delighted that we have signed the collective agreement after successful negotiations with Absa Bank Zambia PLC Management. As a union that represents the interests of employees, we are happy when we come to a conclusion. It is our sincere hope that signing of this Collective Bargaining Agreement will drive greater impetus in our member for the achievement of our strategic objectives for 2023 and for Absa Bank Zambia to ultimately remaining as employer of choice in the country, said Melvis Saviye – BUZ President.
As a Bank that get things done, Absa Bank Zambia reinforces its positioning in the market as a Pan-African bank that continues to improve the welfare of its employees and the communities it operates in.
