75 Percent Of Banking Sector Jobs Lost Due To Digitalisation - Union

Seventy-five percent of jobs in the banking sector have been lost since the turn of the millennium due to a combination of factors, the Zimbabwe Banks and Allied Workers Union (ZIBAWU) has said.

Speaking to NewZimbabwe.com on the deliberations made at the high-level convention which brought together workers from across the country’s banking sector, ZIBAWU president Peter Mutasa said digitalisation and automation have accelerated job losses. Said Mutasa:

The congress coincided with extremely difficult operating conditions which have seen our ability to serve our members effectively being constrained.

The economy has been in a challenging position of stagnation for decades taking a huge toll on trade unionism.

We have seen a decline in our membership from as high as 12 000 in the late 1990s to around 3000 currently.

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The banking sector has also witnessed mega changes including digitalization and automation.

He said the high unemployment rate has negatively affected collective bargaining as traditional methods like strikes have become less effective.

Mutasa said the convention noted that bank workers are facing different forms of mental health problems due to the economic and social crisis.

He said the state of the social security system is deplorable as many workers are retiring in misery without any meaningful financial security or pensions. Added Mutasa:

We noted that most of the problems we face are not emanating from the labour market but from politics.

We agreed that we have a governance crisis that is affecting the economy, society and public services.

We therefore resolved to build an active citizenry through massive civic and political education of our members and communities around us.

ZIBAWU is a prominent trade union in Zimbabwe representing workers in the banking and financial sector.

It aims to protect the rights and welfare of its members by advocating for fair working conditions, improved wages and benefits, job security, and enhanced job satisfaction.

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