Illovo Increases Salary Of Employees Over Kwacha Devaluation, High Cost Of Living

Malawi’s sugar manufacturing company Illovo has revised salaries of it’s employees with 10 percent in the wake of devaluation of the country’s currency and continued high cost of living.

This is according to a statement seen by this publication which said the changes are effective to All C3 and below employees.

“I am pleased to announce that management has reviewed our base salary and food allowance in response to the recent devaluation,” read part of the statement.

“Management increases unionized salaries by 10 percent and food allowance by 50 percent to mitigate the effects of the devaluation on the employees. These increases will be effective June 1, 2022.”

The company has also asked employees to sustain the “engagement levels as we navigate these uncertainty times.”