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Banks urged to stop gale of sack now

The gale of sack in financial institutions, which further torments the crashing economy with 13 percent unemployment figure expected this quarter, may be arrested. The minister of labour and employment, Dr. Chris Ngige appealed to the institutions today ( Friday, June 3) to stop retrenching now, and await the outcome of the reconciliatory meeting with the sector. By the end of June, over 10.268 million will be unemployed.

The meeting is scheduled for the first week of July.

The statement read : “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.”
The statement said the decision was further predicated on the fact that the continued retrenchment and redundancy by the sector were jeopardising the outcome of the reconciliatory and mediatory processes undertaken by the ministry.
It said: “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 2.”

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