FG Orders banks to suspend retrenchment of workers

As a result of the nu­merous petitions and complaints from stake­holders in the banking, insurance and financial institutions, the Federal Government has direct­ed the suspension of the on-going retrenchment in the sector pending the outcome of the con­ciliatory meetings in the industry.
Dr Chris Ngige, the Minister of Labour and Employment in a state­ment released yesterday said the directive is as a result of the apprehen­sion by his office of the various disputes in the sector in compliance with the provisions of the labour laws of Ni­geria.
“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 undertaken by the Ministry of Labour and Employment.
“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, 2016.
“All parties are there­fore advised in the inter­est of industrial peace and harmony to main­tain the status-quo ante-belum,” he said.

Originally posted 2016-06-04 00:17:37.

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