Labor 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 U.S. 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 U.S. dollar on the interbank market on Monday.
To contact the reporter on this story: Ray Ndlovu in Johannesburg at rndlovu1@bloomberg.net
To contact the editors responsible for this story: Gordon Bell at gbell16@bloomberg.net, Hilton Shone, Jacqueline Mackenzie
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