Morocco’s Banking Workers Demand Fair Wages as Industry Reaps Record Profits

Morocco’s Banking Workers Demand Fair Wages as Industry Reaps Record Profits

Morocco’s Central Bank, Bank Al-Maghrib.

Rabat, Morocco (TMT)- In the wake of the growing inflation in Morocco, the banking industry’s record profits, banking workers across the country are calling for wage increases to keep up with the cost of living. The demand for fair wages is being spearheaded by the National Union of Banks, which has expressed concerns about the growing social unrest within the industry.

In a statement, the union highlighted the discrepancy between the “fantastic profits” generated by the banking industry and the “paltry scraps” that are being distributed to workers. The statement also noted that transportation allowances have remained stagnant for over 32 years, despite massive increases in fuel and transportation costs.

Additionally, the statement notes that housing allowances have not been adjusted in over 38 years, and the current basket allowance does not even cover the cost of a cup of coffee. The union is also concerned about the indebtedness of banking workers, who are forced to borrow money to meet their basic needs.

Workers have also complained of harassment and increased pressure from managers, as well as being denied their annual leave. The National Union of Banks has called on industry leaders to respond responsibly to the demands of the union and address the grievances of the banking workforce.

The banking industry has recorded tremendous profits in recent years, driven by the increase in digital transactions, mergers, and acquisitions. However, the union argues that workers are struggling to make ends meet. The union warns that if nothing is done to address the demands of the workers, the social unrest within the industry may escalate, leading to further disruption.

The Moroccan Times.