Collective Bargaining Agreement: The Insurance and Pensions Industry, 2026
Insurance and pensions minimum pay rises 3% for the first half of 2026: Grade A1 basic is US$484,10 a month and C3 is US$1 227,07, split 73% USD and 27% ZWG, plus US$80 housing and US$60 transport paid fully in USD.
Minimum pay in the insurance and pensions industry is set for 1 January to 30 June 2026. Grade A1 basic rises 3% to US$484,10 a month, and the scale runs up to US$1 227,07 at C3. With allowances, total minimum packages run from US$624,10 at A1 to US$1 367,07 at C3.
Basic salary stays split across two currencies: 73% in USD and 27% in ZWG. At A1 that is US$353,39 in USD and the ZWG equivalent of US$130,71; at C3, US$895,76 and US$331,31.
Allowances are paid entirely in US dollars. Housing is US$80,00 a month and transport US$60,00 a month across every grade from A1 to C3, and the transport allowance is grossed up for tax.
The grade differential between A1 and A2, and between A2 and A3, is set at 6,8%. Differentials from A3 up to C3 are unchanged. Anyone who was paid above the minimum for their grade as at 31 December 2025 keeps that cash difference.
Employers who cannot meet these minimums had one month from the date of the agreement to apply to the NECIPI Exemption Committee, with supporting financial statements. Since the agreement was reached on 2 February 2026 and only gazetted on 15 May 2026, that window had closed before publication. NEC levies must be remitted in the currency the salary was actually paid in.
What changed
- Grade A1 minimum basic pay rises 3% to US$484,10 a month for 1 January to 30 June 2026
- Minimum basic scale runs to US$1 227,07 at Grade C3; total packages US$624,10 (A1) to US$1 367,07 (C3)
- Basic salary continues to be paid 73% in USD and 27% in ZWG for grades A1 to C3
- Housing allowance of US$80,00 a month, paid 100% in USD
- Transport allowance of US$60,00 a month, paid 100% in USD and grossed up for tax
- Grade differentials of 6,8% set between A1–A2 and A2–A3; differentials from A3 to C3 unchanged
- Employees paid above the minimum as at 31 December 2025 keep the cash difference
- Employers unable to comply had one month from 2 February 2026 to apply to the NECIPI Exemption Committee
Who this affects
- insurance companies, brokers and pension administrators
- employees in grades A1 to C3 in the insurance and pensions industry
- members of the Insurance Employees Union of Zimbabwe
- members of the Insurance Employers Association of Zimbabwe
- payroll and HR staff in the industry
Plain-language summary — not legal advice. Always read the full instrument.