ZUFIAW, ZANACO seal 20% salary increase in 2025 collective agreement

The Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) has called for continued engagement in wage negotiations to ensure fair rewards for workers while promoting sustainable organizational growth.

This followed the successful conclusion of collective bargaining negotiations between ZUFIAW and ZANACO Bank Management, resulting in a 20 percent salary increment for all employees.

Additionally, transport allowances would increase by K2,000 to enhance employees’ mobility and well-being.

ZUFIAW Secretary-General, Kasapo Kabende, praised the collaborative spirit of the talks, emphasizing that strong employer-employee relations are crucial for both business success and worker satisfaction.

“This agreement is a testament to what can be achieved when management and unions work together towards common goals. It is crucial that we continue to engage in dialogue to ensure that our workforce is rewarded fairly while also promoting the sustainable development of our organization,” Kabende said.

He commended ZANACO’s financial performance, noting a six percent revenue growth to K5.58 billion, a three percent rise in profit after tax to K1.79 billion, and a 24 percent increase in loans.

“As a union, we are proud of this achievement, knowing that our members have contributed to meeting the expectations of shareholders in line with our value of hard work,” Kabende added.

ZANACO Chief Executive Officer, Mukwandi Chibesakunda, welcomed the agreement, stating that it reflected the bank’s commitment to social justice and economic progress.

“The collective bargaining process highlights the importance of ensuring that wages grow alongside productivity, contributing to both economic growth and equitable income distribution. We recognize the vital role that fair wages play in supporting decent living standards for our employees and their families,” Chibesakunda said.

Both parties reaffirmed their commitment to continued dialogue to address future challenges and opportunities in the financial sector.

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