Collective Bargaining Agreement The Insurance and Pensions Industry

The Insurance Employers Association and the Insurance Employees Union have settled minimum pay for the first half of 2025, ratifying an arbitral award under the 2016 principal agreement (S.I. 146 of 2016).

Grade A1 rises 9.3% to a basic minimum of US$470.00 a month. Differentials of 6.8% carry that to US$501.96 at A2 and US$536.09 at A3; from A3 upward the existing differentials are unchanged, giving US$600.42 at B1, US$879.08 at B5, US$984.57 at C1 and US$1,191.33 at C3.

Basic salary is paid in dual currency, 73% in USD and 27% in ZWG. On top of basic pay, every grade from A1 to C3 gets a minimum housing allowance of US$80.00 a month and a minimum transport allowance of US$60.00 a month, both payable entirely in USD, with the transport allowance grossed up for tax. In total terms that is US$610.00 a month at A1 and US$1,331.33 at C3.

Staff already paid above their grade minimum keep the difference: the cash gap between their December 2024 salary and the new minimum must be maintained, so the increase is not absorbed. Employers who cannot comply had one month from the date of the agreement to apply to the NECIPI Exemption Committee, with supporting financial statements. NEC levies must be remitted in the same currency mix as the salaries actually paid.

As with other agreements gazetted in this batch, the dates matter: the agreement was reached on 6 June 2025 and covers 1 January to 30 June 2025, but was published on 6 February 2026, so for most employers this is a backdated obligation rather than a forward one.