FG begs banks to stop retrenching staff
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FG begs banks to stop retrenching staff




Worried by the gale of retrenchment across the banking sub-sector, the Federal Government has impressed on banks, the need to suspend all such exercise in order not to erode confidence in the banking sector.

Minister of Labour and Employment, Dr. Chris Ngige gave this charge on Friday.

Justifying the need for the government intervention, Nigige had in a statement by his media aide, said it became inevitable following the high spate of petitions and complaints from stakeholders in the Banking, Insurance and Financial Institutions.

In the statement which reads in part, Ngige said: “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.

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“This decision is further predicated on the fact that the continued retrenchment and redundancy by the banks and other financial institutions are jeopardizing the outcome of the conciliatory and mediatory processes being undertaking by the Ministry of Labour and Employment.”

Ngige while reiterating government concern, said: “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, 2016.

“All parties are therefore advised in the interest of industrial peace and harmony to maintain the status-quo ante-belum.”


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