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THE insurance industry has agreed to award employees a 2.5 percent salary increase, which will see the lowest paid employee earning $560 up from $546. In a Statutory Instrument published last week, Minister of Labour and Social Welfare Priscah Mupfumira said the minimum salary level was agreed following negotiations between the Insurance Employers Association of Zimbabwe and the Insurance Employees Union of Zimbabwe.
“Companies/employers in the insurance industry award: an all-inclusive salary of $560,00 for the lowest grade A1 for the period 1st April 2014 to 31st December 2014, which is a 2,564 percent increase across the grades A1 to C2,” read part of the SI.
The industry’s last salary review was for the period between January and March 2014 which awarded an all-inclusive minimum salary of $546 for the lowest grade.
The SI said that companies with employees already earning salaries above minimums per grade stipulated should not reduce salaries for their employees.
“Companies/employees that are not able to award these 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 highest paid employee within the stipulated grades is earning $897.77 up from $875.33 that was awarded in March last year. — BH24
Online Reporter