MEMORANDUM OF UNDERSTANDING BETWEEN FIRST ALLIANCE BANK ( Z ) LIMITED ( Herein after referred to as the Bank ) AND ZAMBIA UNION OF FINANCIAL INSTITUTIONS AND ALLIED WORKERS ( Herein after referred to as the Union ).
AN AGREEMENT made this day of 16th October, 2015 between FIRST ALLIANCE BANK ZAMBIA LIMITED OF ALLIANCE HOUSE PLOT NO. 627 CAIRO ROAD LUSAKA ( hereinafter called the Bank ) of the one part and THE ZAMBIA UNION OF FINANCIAL INSTITUTIONS AND ALLIED WORKERS OF LUANGWA HOUSE CAIRO ROAD, LUSAKA (hereinafter called the Union) of the other part.
WHERE AS THE BANK and the UNION have discussed the proposal and counter proposal on salary negotiation for the year 2015/2016.
NOW IT IS HEREBY AGREED as follows :
The Basic Salary shall be increased as under with effect from 1st June, 2015.
All unionised employees across the board will get additional
i. Basic Salary= K 385.00
ii. Housing=K 135.00
iii. Medical=K 96.00
TOTAL= K 616.00 per month.
All other terms as per collective agreement currently in force.
IN WITNESS WHEREOF THE parties hereto have caused this Agreement be executed in four (4 ) original of the day and year first before written.
For and on behalf of:
FIRST ALLIANCE BANK ( Z) LTD.
- MANAGING DIRECTOR
- CHIEF OPERATIONS MANAGER
- PERSONNEL AND ADMINISTRATION
For and on behalf of:
ZAMBIA UNION OF FINANCIAL INSTITUTIONS AND ALLIED WORKERS.
- GENERAL SECRETARY.
- DELEGATION LEARER.
- BRANCH OFFICIAL