SIGNED THIS 31st DAY OF MARCH 2017.
1.0 PREAMBLE
An ADDENDUM to the COLLECTIVE AGREEMENT of 2017/2018 made on this 31st day of March Two Thousand and Seventeen (2017) between the ZSIC Group of Companies (namely ZSIC Limited, ZSIC Life Limited & ZSIC General insurance Limited) (hereinafter called “the Employers’') whose registered office is at plot No. 7481 Independence Avenue, Premium House, Lusaka of the first part and the Zambia Union of Financial institutions and Allied Workers (hereafter called “the Union") of the second part.
WHEREAS the parties have agreed and accepted the terms and conditions of service as stipulated herein, and agree to incorporate a redundancy formula in line with Clause 35 of this 2017/2018 Collective Agreement to apply to the eligible employees of the ZSIC Group of Companies, NOW IT IS HEREBY AGREED AS FOLLOWS;
2.0 REDUNDANCY BENEFIT
Further to Clause 35 of this Agreement, in the event of a redundancy being inevitable or occurring inevitable, and in accordance with the law, the following formula shall apply;
(i) Twenty-six (26) months’ salary across the board and that the monthly salary to refer to will be the salary in the month of separation.
(ii) Two (2) months’ salary for each completed year of service for the first ten (10) years, plus,
(iii) For the next Ten (10) years, Three (3) months' salary for each completed year of service in excess of first Ten (10) years, plus
(iv) Three and a half (3.5) months’ salary for each completed year in excess of Twenty (20) years, plus
(v) Three (3) months' salary in lieu of notice to terminate employment, plus
(vi) Repatriation Allowance
In WITNESS whereof the parties have set their hands at Lusaka on this 31st day of March Two Thousand and Seventeen (2017) in the presence of the subscribing witnesses:
FOR AND ON BEHALF OF THE ZSIC LTD & ITS SUBSIDIARIES
*George Silutongwe
Group CEO & Managing Director (ZSIC Group of Companies)
**WITNESSES
*Clint K.M. Mbangweta
Group Director Human Resources (ZSIC Limited)
* Charles Nakhoze
Managing Director (ZSIC Gl Limited)
* Peter C Lukwesa
Managing Director (ZSIC Life Limited)
* Joshua Malupenga
Group Director Finance & Investments (ZSIC Limited)
FOR AND ON BEHALF OF THE ZAMBIA UNION OF FINANCIAL INSTITUTIONS AND ALLIED WORKERS
* Chingati Msiska
General Secretary
**WITNESSES
* Mutelo Mabenga
Deputy General Secretary (Finance & Administration)
* Chabakola E. Kasukumya
Acting Branch Chairperson - Lusaka
* Patrick Mulumba
Branch Chairman -Ndola
Chishiba R. Ntebetela
Branch Chairman - Kitwe