Bank Workers Awarded 7.5% Salary Increment

Bank workers in Zimbabwe have been awarded a 7.5% minimum salary increase for 2026 following the conclusion of negotiations between employers and their trade union.

Under the new agreement, the lowest-paid bank employee will earn US$762.70 per month. Of that amount, US$556,77 will be paid in US dollars, with the balance paid in Zimbabwe Gold (ZiG).

The deal was reached in terms of the Labour Act between the Banking Employers Association of Zimbabwe and the Zimbabwe Banks and Allied Workers Union.

Both parties fall under the National Employment Council for the Banking Undertaking, which agreed to amend the principal collective bargaining agreements set out in Statutory Instrument 273 of 2000 and Statutory Instrument 150 of 2013. Part of the agreement reads:

“The parties have concluded negotiations for the period January 1 to December 31, 2026, and agreed to increase the industry minimum basic salaries by 7.5% on the existing minimum wages and salaries, which are inclusive of housing and transport allowances.

“Further, the parties agreed to maintain the USD: ZiG threshold at 73%:27% for grades N/C to DPV.

“This means that at least 73% of the salary shall be paid in hard currency (USD), while the remaining 27% may be paid in ZiG, indexed at the prevailing interbank rate on the date of payment.”

Under the agreement, employers are required to pay the 73% US dollar component of salaries.

However, any employer unable to meet this hard currency obligation may apply to the NEC for an exemption, provided they have first exhausted the necessary internal procedures. The agreement says:

“Those who can pay more than 73% in USD may do so in line with their internal arrangements. The payment of NEC and union subscriptions by employers shall be in accordance with the 73%:27% threshold; however, those who can remit all dues in USD are at liberty to do so.”

The agreement came into effect on 1 January 2026 and will remain in force until the end of the year.

It amends and replaces previous agreements only in relation to the specified provisions. All other terms and conditions remain unchanged and binding on the parties.

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