BY FIDELITY MHLANGA
THE National Employment Council (NEC) for the Insurance Industry is demanding upward individual salary adjustments of between 14% to 26%, depending on the grades of workers in that sector, NewsDay has established.
The proposed salary hikes are a bid to cushion workers from rising costs and falling disposable incomes valued in RTGS dollars that has devalued by over 100% since its adoption.
NEC recommended that employees in the insurance industry be awarded a basic minimum pay of ZWL $690 per month for the lowest grade (A1), with the highest grade (C3) now earning ZWL$1 241. This is from a previous of ZWL $546 for the lowest-paid worker and ZWL $1 084,80 for the highest per month.
“Parties having arrived at the agreement on May 2, 2019 set forth here in the undersigned officers of the National Employment Council for the Insurance industry, hereby declare that the forgoing is agreed at,” read a communique gleaned by NewsDay.
“Companies that are not able to meet these increases should apply for exemption to the exemption committee within a month from the date of this agreement. Such applications should be accompanied by appropriate financial statements and documents. As well companies able to pay more are encouraged to do so and to advise the NEC.”
Moreso, employees in the industry will be awarded a housing allowance of ZWL$85 per month across grades A1 to C3.
The communique was signed by NEC chairperson Philip Bvumbe, representatives of the Insurance Employers Association of Zimbabwe and Insurance Employers Union of Zimbabwe.
