By-The banking sector has resolved to pay its workers in forex.

Workers and employers in the sector met in January and agreed on salaries and allowances for the period of 1st January 2023 to 30th June 2023.

The latest Collective Bargaining Agreement (CBA) for the industry, states that the lowest-paid employee in the baking sector would now get US$300 per month, NewZimbabwe reported.

During the negotiations, employers were represented by the National Bakers Association of Zimbabwe (NBAZ) while the employees were represented by the Baking Workers Union (BAWU) and Allied Workers Union of Zimbabwe (UFAWUZ).

The CBA reads in part:

NBAZ and BAWU met on the 27th of January 2023 and agreed to increase minimum and actual Basic wages for the period of 1st January 2023 to 30th June 2023. Parties agreed that the wages are indexed in US$ and are payable in ZWL$ at the prevailing Auction Rate prevailing on the 21st day of each month.

Salaries under the new arrangement:

i). the lowest-paid workers in grade 1 received a salary increment from US$270 to US$300.

ii) those in grade 2 earning US$308.

iii). workers in grade 4 will be earning US$325.49.

iv). grade 5 will be earning US$337.16.

v). grade 8 will be earning US$379.

vi). grade 9 will be earning US$398.

Allowances for the period January 2023 to June 2023:

a). Transport Allowance – US$35 payable in ZWL$ using the RBZ Auction rate prevailing on the 21st day of each month. 

b). Housing Allowance – US$30 and payable to employees who are not provided accommodation by the employer.

c). Subsistence Allowance for food and accommodation allowance shall be payable as follows: 

1). food allowance has been pegged at US$12 per day,

2). accommodation at US$20 per night.

d). Night Allowance – US$1 payable in ZWL$ using the prevailing Auction Rate prevailing on the 21st day of each month.