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Minister Goche

Conrad Mwanawashe Business Reporter
THE insurance industry has agreed on a 4 percent pay rise which will see the lowest paid worker earning $546.
The pay rise is for the period between January and March. In a Statutory Instrument published last week, Minister of Public Service, Labour and Social Welfare  Nicholas Goche said the minimum salary level was agreed following negotiations between the Insurance Employers Association of Zimbabwe and the Insurance Employees Union of Zimbabwe.

A supplementary agreement is made pursuant to the National Employment Council for the Insurance Industry Principal Agreement.
Under the agreement employers in the insurance industry award an all-inclusive minimum salary of $546 for the lowest grade.

However, companies whose workers are earning salaries above minimums per grade should not reduce salaries for their employees.

“Employers that are able to pay more are encouraged to do so and to advise the NEC of such increases,” read part of the SI.
“Companies that are not able to award increases should apply for exemption to the NEC.  Such applications should be accompanied by the financial statement appropriate for the period in line with the law within a month from date of this agreement.”

The next salary review will be in April after the completion of the job evaluation and salary survey exercises.

Statistics released by the Zimbabwe National Statistical Agency show that poverty datum line for a family of five was at $511,47 as at January.