Standard Chartered Announces 15% Salary Increment and 10% Housing Allowance for Unionized Workers

Standard Chartered is pleased to announce exciting new developments for its unionized workers with the signing of the 2024-2026 full Collective Bargaining Agreement with the Zambia Union of Finance and Allied Workers (ZUFIAW). The newly established agreement represents the culmination of diligent negotiations and collaboration between Standard Chartered Zambia Plc and ZUFIAW.

The agreement, unveiled during a signing ceremony this week, includes a 15% salary increment for unionized workers, demonstrating the firm’s recognition and appreciation for the hard work and dedication of its employees. In addition to this, the introduction of a 10% housing allowance aims to ensure that employees have conducive and stable living conditions, further solidifying the bank’s commitment to the overall well-being of its workforce.

Speaking at the signing ceremony, Standard Chartered Bank, CEO Sonny Zulu expressed his enthusiasm for the new agreement, stating, “This agreement demonstrates our commitment to fair and suitable compensation for our hardworking employees. We aim to attract and retain top talent and ensure that our employees are well motivated.”

The CEO also extended his gratitude to ZUFIAW for their tireless efforts to find common ground, emphasizing the importance of collaboration and mutual understanding in achieving such a significant milestone.

Meanwhile ZUFIAW District Chairperson, Mr Victor Silungwe, thanked the bank for the productive negotiations among the two institutions. He called on the bank to continue putting the interest of the employees at the core of what the bank does.

As Standard Chartered continues its journey to provide an inclusive and supportive work environment, the bank remains committed to fostering an atmosphere where employees feel valued and empowered.

Source: Standard Chartered Bank Zambia