Federal Government asks Banks to Stop On-going Retrenchment

Federal Government asks Banks to Stop On-going Retrenchment

The Federal Government has asked banks and other financial institutions to put on hold the on-going mass sack of workers in the banking sector.

A statement by the Minister of Labour and Employment, Chris Ngige, on Friday, declared that he had been receiving petitions and complaints from stakeholders in the sector over the retrenchment exercise, Premium Times reported.

“Following spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the on-going retrenchment pending the outcome of the conciliatory meetings in the industry.

“This is as a result of the apprehension by my office of the various disputes in the sector, in accordance and in compliance with the provisions of the labour laws of Nigeria,” it said.

The statement said that the retrenchment was working against the outcome of the reconciliatory and mediatory processes undertaken by the ministry.

“In this wise, all the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold.

“Pending the outcome of the proposed stakeholders’ summit for the banking, insurance and financial institutions’ employers and employees, slated for the first week of July,’’ the statement read in part.

Several banks have fired thousands of workers, amid the economic crisis. This week, Ecobank has reportedly sacked over a thousand staff.