RBZ Splashes Millions Of Dollars On Ex-Workers

RBZ Splashes Millions Of Dollars On Ex-Workers
Published: 2016 September 06 07:49:40 (2606 Views)

THE Reserve Bank of Zimbabwe (RBZ) has paid millions of dollars to 472 of its former employees who lost their jobs in a retrenchment exercise carried out by the bank five years ago.
In his first annual report for 2014 published recently, central bank governor John Mangudya said: 
"Payments of outstanding 2011 retrenchment package were finalised during the year, save for deceased members who could not submit certificates of executorship,” the DailyNews reported. 
The RBZ chief noted that back pay for retained staff were also paid out during the period under review.
This was after the apex bank, which had over 2 000 employees before dollarisation in 2009, was forced to retrench nearly 1 500 workers as part of strategies to streamline its operations and halt quasi-fiscal activities that had turned into a gravy train for politically connected individuals.
The RBZ bloated its staff during Zimbabwe’s decade-long crisis when the bank took over the financing of virtually all of the country’s sectors, including parastatals and local councils.
Economists and the International Monetary Fund  (IMF) blame former central bank governor Gideon Gono, who became the country’s chief banker in December 2003 until his tenure ended in 2013, for compounding Zimbabwe’s economic crisis through quasi-fiscal activities that saw the RBZ pump trillions of dollars into financing President Robert Mugabe’s populist projects and political programmes. 
They say printing money was fuelling inflation.
Mangudya also said the bank successfully defended its position in a number of court cases from retrenched staff who were disgruntled in various ways by the 2011 retrenchment process.
This was after the employees had in 2013 sought recourse from the Labour Court after their former employer failed to settle the balance of their severance packages almost three years after the retrenchment exercise.
The employees were awarded a $9,3 million payment settlement by the Labour Court, which dismissed the RBZ’s appeal against immediate payment.




- DailyNews
 0

You May Like These Videos

Comments

| Comment With Facebook Submit

There are no comments.

Big Reads

Pictures show fuel tankers offloading fuel in the bush

by Moses Zhou | 2019 August 13 07:53:37

Schoolgirl drops out after continuous 'sexual abuse' by teacher

by Staff Reporter | 2019 August 13 07:42:33

Bulawayo prostitutes dollarise

by Staff Reporter | 2018 December 01 00:43:29

DRAMA as mourners fight over deceased loan sharks' loot

by B-Metro | 2018 November 30 23:35:19

'Tsvangirai's ex' on police wanted list

by B-Metro | 2018 October 19 12:39:23

Dumped man glasses wife's face with broken beer bottle

by Staff Writer | 2018 October 19 12:32:05

Zimbabwe prostitutes hike prices

by Zimbabwe prostitutes hike prices | 2018 October 18 17:13:08

Pastor shocks female congregant with new panties

by Metro Writer | 2017 March 28 10:50:44

Harare man steals 10kg mealie meal from neighbour

by Court Reporter | 2017 March 28 07:56:29

Four company directors die in Vumba Mountain plane crash

by Staff Writer | 2017 March 28 07:38:59

Man with 'deformed' body bashes parents

by Staff Writer | 2017 March 24 09:48:46

Mugabe Knows Nothing About The Zimbabwe Constitution: MP

by Staff Reporter | 2016 October 01 08:12:02

Troubled Harare Giants Dynamos Falls Into Another Deep Crisis

by Own Correspondent | 2016 October 01 07:49:17

Shock As Local Bank Denies 'Rich' Mugabe's Son Heifty Credit

by Own Correspondent | 2016 September 30 19:14:54

Mugabe "Home Coming" And "Thank You" Rally On Cards

by Own Correspondent | 2016 September 23 06:48:24

Prof Moyo Was Dumped By Western Embassies, Claims Mutsvangwa

by Staff Reporter | 2016 September 22 10:08:07

Prof Jonathan Moyo In Fresh Beef With War Vets

by Own Correspondent | 2016 September 22 07:48:10

You Are Too Old To Lead, Aging Zim President Mugabe Told

by Own Correspondent | 2016 September 22 07:19:25

Younger Lover Beats Up Sugar Mama For Cheating

by Own Correspondent | 2016 September 20 03:21:43

Anti-Corruption Commission Loses Property In Failed Probe

by Own Correspondent | 2016 September 20 03:18:19

Mutsvangwa's Son Caught Up In Rape Case

by Own Correspondent | 2016 September 20 01:24:00

REMAINING PSL FIXTURES: ONLY 7 WEEKS LEFT

by Sports Correspondent | 2016 September 20 01:21:33

Victims Involved In Horror Crash Named

by Own Correspondent | 2016 September 20 01:16:09

Man Kills Uncle For Taking Him To Prophet

by Own Correspondent | 2016 September 20 01:11:08

Mphoko Threatens Zimra Over Irregular Taxes

by Own Correspondent | 2016 September 20 01:07:44

China Pours $46m On New Parliament Construction

by Own Correspondent | 2016 September 20 01:05:11

SHOCKING:14 Year Old HIV-Positive Boy Rapes 7 Pupils

by Own Correspondent | 2016 September 20 00:04:55

Tajamuka Slams Zimpapers, Fumes Over

by Own Correspondent | 2016 September 19 11:56:42

Mthwakazi Activists Torment Mujuru

by News Editor | 2016 September 19 10:52:58

We Did Not Fire Live Bullets: Police

by Staff Reporter | 2016 September 19 08:09:20

Ruling On 58 Protesters Expected Today 



by Court Reporter | 2016 September 19 08:10:40

6 Zanu PF Youths Nabbed For Assaulting Cops

by Court Reporter | 2016 September 19 08:11:50

Mutare Con-artist Cracks Zanu PF

by Own Correspondent | 2016 September 19 08:13:32

MSU Student Caught Peddling Drugs Tor Tuition Fees

by Own Correspondent | 2016 September 19 05:29:18

ZIMRA Dishes Out Rewards To Faithful Tax Payers

by Own Correspondent | 2016 September 19 05:24:19

Headmaster ‘Steals’ $17 000 From School's Fees

by Own Correspondent | 2016 September 19 05:21:24

Mujuru Party Fails To Pay $15 000 For Printed T-shirts

by Own Correspondent | 2016 September 19 05:14:37