BANK workers will receive a 7,5% minimum salary adjustment for 2026, covering housing and transport allowances, following the conclusion of negotiations between employers and the trade union to revise the sector’s collective bargaining agreements.
The deal secures a higher wage floor for thousands of employees in Zimbabwe’s banking industry and entrenches a predominantly US dollar pay structure, reflecting ongoing currency realities despite official claims of the local currency becoming a currency of choice.
The bank employees previously pushed for a minimum monthly salary of at least US$500.
Under the new agreement, the least-paid bank employee will now earn US$762,70 per month. Of that amount, US$556,77 will be paid in US dollars and the remainder in the ZiG currency.
“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,” the agreement said.
“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.”
The agreement was entered into in accordance with the Labour Act (Chapter 28:01) between the Banking Employers Association of Zimbabwe, representing employers, and the Zimbabwe Banks and Allied Workers Union on behalf of employees.
Both organisations are parties to the National Employment Council (NEC) for the Banking Undertaking, which agreed to amend the principal collective bargaining agreements contained in Statutory Instrument 273 of 2000 and Statutory Instrument 150 of 2013.
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“All employers are required to pay the 73% USD component of salary. However, those unable to pay this hard currency component may apply for exemption to the NEC, subject to exhausting the necessary internal requirements,” the agreement said.
“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 took effect on January 1, 2026, and will run until year-end.
“Nothing in this collective bargaining agreement shall prevent either party from seeking to renegotiate or amend the agreement during its operation, provided that there are significant changed circumstances in the macroeconomic environment,” it said.
The agreement amends and supersedes earlier agreements only in respect of the listed matters, with all other terms and provisions remaining in force and binding.
