ZIMBABWE’s banking sector has approved a 10% wage increase for its employees in 2025, with the lowest-paid worker set to earn US$709 per month, while the highest-paid employee will take home US$1 284.
According to a collective bargaining agreement notice dated February 3, 2025, employers are required to pay 73% of salaries in US dollars.
However, those unable to meet this requirement may apply for an exemption from the National Employment Council for the Banking Undertaking Zimbabwe, subject to fulfilling necessary internal conditions.
“Those who are able to pay more than 73% in USD may do so in line with their internal arrangements,” the notice stated.
The 10% increase includes housing and transport allowances.
The agreement also resolves all legacy or disputed issues related to salary negotiations that remained unresolved during the second, third, and fourth quarters of 2024.
This wage adjustment comes at a challenging time for Zimbabwe’s economy, which is grappling with power cuts, inflation, and other pressures.
These difficulties have forced the banking sector to implement retrenchments to remain viable.
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