LUSAKA, Dec: ABSA Bank Zambia PLC has signed a new collective bargaining agreement with two major unions, awarding a 14 percent salary increment to all unionised employees, effective April 1, 2025.
The agreement, signed in Lusaka, covers the period from January 1, 2025, to December 31, 2026, and marks a significant commitment by the bank to strengthen employee welfare over the next two years.
ABSA Bank Zambia Chief Executive Officer Mizinga Melu said the bank was proud to conclude the negotiations successfully, noting that employee growth and well-being remained central to the institution’s values.
“We are committed to ensuring that our staff continue to thrive, both professionally and personally,” she said, adding that ABSA Zambia’s recognition as a Top Employer for the fourth consecutive year reflects its sustained investment in people. “This agreement further demonstrates our dedication to creating a supportive and competitive workplace.”
Representatives of the two unions welcomed the outcome of the negotiations.
Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) Vice President Marina Kabonga said the agreement showcased the positive results of collaboration between management and unions in promoting fair labour standards.
“This is a demonstration that constructive engagement can deliver meaningful benefits for workers,” she said.
Bankers Union of Zambia (BUZ) President Melvis Saviye also commended the bank’s approach, describing the wage deal as part of ABSA’s broader efforts to position itself as “an employer of choice” in the financial sector.
The signing of the agreement is expected to strengthen industrial harmony within the bank while enhancing staff motivation heading into the 2025–2026 period.
