Bank Workers To Demonstrate Tomorrow Over Their Poor Wages And High Bank Fees Charged To Customers

Despite recording enviable profits banks are reportedly not rewarding their human resources salary increments. This is according to what the bank workers representative, The Zimbabwe Banks and Allied Workers Union (Zibawu) told the Zimbabwe Congress of Trade Unions (ZCTU). It seems ZCTU has no time to lose to get their grievance addressed as it is doing a demonstration tomorrow at the People’s Own Savings Bank (POSB) headquarters.

The accusation is stemming from the fact that despite making profits for the past couple of years, bank workers last had an increment of salaries 5 years ago. The Zimbabwe banking sector has a staff complement of about 4 000 workers and according to ZIBAWU, the least paid bank worker gets $636 per month.

Part of ZCTU’s grievances is that banks are overcharging customers for their services. Hence, they are simultaneously “fighting a consumer battle”. I must say that I agree with ZCTU because you just have to look at the income statements of banks and see how much banks are earning from non-interest income (bank charges). Speaking to New Zimbabwe, (ZCTU) president Peter Mutasa said;

Banks are making super profits yet we are hearing that NMB has recorded a 155 percent increase in profits for half year, CBZ charging up to 15 percent interest rates. Many workers are losing homes, assets, and properties because of banks………Why is it that banks are making money when everyone else is struggling………We are fighting for the workers because banks are not increasing salaries. It’s been five years and no salary increase in most banks and in those five years, they have been making money……Tomorrow (Friday) we will be demonstrating at the People’s Own Savings Bank (POSB) headquarters… …..We are also fighting a consumer battle….Banks have been milking customers and making super profits in an environment where everyone else is suffering. At POSB, we are having that problem where they have been recording profits.