You are currently viewing our desktop site, do you want to visit our Mobile web app instead?
 Registered users can save articles to their personal articles list. Login here or sign up here

Zimbabwe government workers reject 97% pay increase offer

Unions demand increases to be linked to the US dollar exchange rate.

Labour unions representing government workers in Zimbabwe on Monday rejected an offer of a 97% pay rise and demanded that increases be linked to the official US dollar exchange rate to offset inflation and a devaluation of the Zimbabwean dollar.

“An interbank-related salary is the only way to restore the value of wages and any other intervention will not work given the hyper-inflationary environment which negates any Zimbabwe dollar increase,” said Cecilia Alexander, the chairwoman of the Apex Council, the biggest representative of workers.

The Zimbabwean dollar was trading at 17 per US dollar on the interbank market on Monday.

© 2020 Bloomberg L.P.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: