Business Reporter
A workers group has commended leading financial services provider ZB Financial Holdings (ZBFH) for floating a retrenchment package surpassing current industry thresholds amid calls for other players in the banking sector to emulate such best practices.
In line with the new business model organizational design, ZBFH recently adopted a new structure supportive of its Strategy going forward.
As at 30 June 2023, the Group had finalised job evaluation and deployment of staff which saw the adoption of a Voluntary Disengagement Scheme (VDS) which was taken up by 58 staff members, mostly those who were nearing retirement.
Commenting on the VDS, Zimbabwe Banks and Allied Workers Union (ZIBAWU) assistant secretary general , Shepherd Ngandu commended ZBFH for floating a lucrative package.
“As far as we are concerned, by and large the ZBFH VDS offered retrenchment packages which are so far way above current industry peg. The employees who took up the offer were paid three months’ salary for every year served over and above other agreed payments.
“Currently most players in the industry are paying an average of two months to two and a half months salary for every year served which makes the arrangement fair,” he said. The trade union leader expressed optimism that the financier will apply a similar scale when it embarks on compulsory retrenchment soon
