Bank Workers Demand US Dollar Salaries

Zimbabwean workers employed in the banking sector are demanding that part of their salaries be paid in United States dollars to cushion themselves against soaring inflation and a depreciating Zimbabwe dollar.

Shepard Ngandu, assistant secretary-general of the Zimbabwe Banks and Allied Workers’ Union told Bloomberg by phone on Monday that workers are asking that their pay be based on what they were earning in 2018.

Ngandu said receiving pay in the local currency is of no value because of the dollarisation seen in the economy.

However, president of the nation’s Bankers Association Ralph Watungwa said not all banks generate foreign currency. He said:

Not all banks generate foreign currency and others won’t be able to afford such a request.

Due to digitization, there should be a request that there should be a consolidation of the industry to protect jobs, as some banks would simply close their branches if this request is followed through.

Watungwa said more than 60 per cent of costs for the banking industry are related to staff.

According to Ngandu, banking employees who aren’t managers earn a minimum salary of 5 820 Zimbabwean dollars ($88) a month while in 2018, the minimum wage was $626.

More: Bloomberg

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