Zimbabwe Informational Site

BETWEEN US$20 million and US$40 million is being lost monthly by employers through payment of wages and salaries to workers who are not productive as they will be queueing at banks for cash. This could result in a cumulative annual loss of nearly half a billion, a survey has revealed.

The country is experiencing a severe cash shortage that has crippled industry despite the introduction of bond notes into the market in November last year. Meandering queues of depositors in need of the elusive cash has become commonplace with daily maximum withdrawals being reduced to as little as US$30 in some banks. “On average, employees are spending 2,5 hours every time they visit the bank every week.

This roughly translates into US$40 million lost in wages paid to employees who are not productive every month using a median wage of US$520 per month,” Industrial Psychology Consultants revealed in its report titled Productivity Losses As A Result of Bank Queues Report.

  • theindependentRead More News