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ABSA ZAMBIA CELEBRATES EMPLOYEE SHARE SCHEME

Absa Bank Zambia has officially launched the eKhaya Colleague Share Scheme, reaffirming its unwavering commitment to its esteemed workforce. Commencing on September 1, 2023, this initiative, orchestrated by Absa Group, aims to benefit employees across its African operations and aligns with the Group’s overarching ambition to play an active and positive role in all its endeavors. The eKhaya Scheme is designed to allow Absa Bank Zambia’s employees to partake in the Colleague Share Scheme, thereby enabling them to share in Absa’s achievements both locally and continent-wide.

During a press briefing held at Absa House, graced by the presence of the Minister of Labour and Social Security, Hon. Brenda Tambatamba, it was emphasized that this endeavor undertaken by the bank exemplifies the spirit of collaboration and innovation, values that the nation deeply embraces and encourages. Ms. Tambatamba extended her congratulations to Absa Bank Zambia for taking a bold step toward empowering its workforce and promoting inclusivity within the Zambian community. She highlighted that the eKhaya Scheme perfectly aligns with the government’s labor policies and objectives, with a strong emphasis on inclusivity, diversity, employee well-being, and equity. The Minister underscored the importance of fostering a workforce that is not only productive but also fully engaged and invested in the success of their respective organizations.

Ms. Tambatamba noted that such initiatives are instrumental in nurturing a thriving labor force where every worker can contribute their best without apprehension for their welfare. She urged other private sector organizations in Zambia to draw inspiration from Absa Bank’s exemplary initiative, viewing it as a beacon of hope. Absa Managing Director, Mizinga Melu, also revealed that a portion of Absa Group’s shareholding, valued at approximately R11.2 billion, will be allocated to employees.

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THE LAUNCH AND DISSEMINATION OF THE 2022 LABOUR FORCE SURVEY REPORT AND 2020 CHILD LABOUR REPORT

Honorable Brenda Mwika Tambatamba, the Minister of Labour and Social Security, delivered a speech during the launch and dissemination of the 2022 Labour Force Survey Report and the 2020 Child Labour Report, Held at Taj Pamodzi 5 Star Hotel in Lusaka Zambia. The key points of her speech included:

  1. Purpose of the Reports: The Minister highlighted that these reports provided crucial statistics needed for informed policy decisions and interventions in both the public and private sectors. The Labour Force Survey Report covered vital labor market indicators such as employment status, sector-wise employment, youth employment, and unemployment rates, which were essential for setting national development goals.
  2. Unemployment and Job Creation: The Minister expressed concern about high levels of unemployment, particularly among the youth. The government had implemented various measures to address this issue, including the Constituency Development Fund, Youth Empowerment Fund, and plans for significant public service worker recruitment.
  3. Youth Empowerment: To enhance youth employability, the government was offering bursaries and scholarships, while also partnering with the European Union and the International Labour Organization for a skills development program.
  4. Informal Employment and Social Security: A significant portion of the workforce operated informally, lacking social security benefits and job security. The Ministry was working on extending social security coverage to the informal sector and addressing informality in sectors like agriculture, trade, households, and construction.
  5. Protection of Workers’ Rights: The government was taking steps to address the casualization of workers and had initiated labor law reforms, starting with revisions to the Employment Code Act.
  6. Child Labour: The 2020 Child Labour Report revealed that child labor, especially hazardous work, remained a concern. The government had strengthened child protection legislation and increased access to free education to reduce child labor.
  7. Launch of Handbook: The Minister also launched a “Frequently Asked Questions and Responses Handbook” to explain the Ministry’s mandate, statutory bodies, and the rights and responsibilities of workers and employers.
  8. Gratitude: Honorable Brenda Tambatamba expressed gratitude to all attendees, cooperating partners, and the International Labour Organization for their support in producing the reports. She declared the reports officially launched.

This speech underscored the government’s commitment to addressing labor-related challenges, promoting youth empowerment, extending social security, protecting workers’ rights, and combating child labor in Zambia.