The federal government has directed banks, insurance and financial institutions to suspend the ongoing retrenchment in the sector.
Chris Ngige, minister of labour and employment, gave the directive in Abuja on Friday, saying his office had recieved several complaints from those affected by the development.
Ngige said any action taken in that regard would be seen as illegal, saying a meeting on the way forward would be held on July 2.
“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,” he said in a statement.
“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.
“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 July 2.”
The statement added that the continued retrenchment and redundancy by the sector were jeopardising the outcome of the reconciliatory and mediatory processes undertaken by the ministry.
Thecable
They sack and employ new people.
ReplyDeleteA girl in my sunday school class in church just got a job in Diamond bank.
Nothing will come out of this. They will give reasons why they can't keep them anymore.
Imagine
DeleteThey pay the new people much less. As low as 50k. The new employees are Contract staffs.
DeleteSomeone mentioned you attend my church, city of David and live in the same place as I, phase 1. Not that I'm finding it difficult to believe, but, we don't rep like you do now. I was a bit dissappointed following your constant display of madness here and supporting mediocrity. Or could it be it that you are a househelp here? Please don't pick offence at my question, I know they are human beings but they behave just like you do here, like a market woman. Please start acting with class on here, otherwise stop telling us who you or what you represent here, it is demeaning to us
DeleteAnonymous make I laugh small. Kwakwakwakwakwa. This minute, someone mentioned, the next minute I should stop saying what I represent. Now I'm confused.
DeleteHouse girl? You're just been sarcastic right?
Na you dey pay my bills or what?
You sure you attend COD? We don't judge people in that church. Pay more attention to sermon and stop coming there for what you will gain.
I'm a worker not just a sunday
sunday medicine like you.
Hope you're attending the musical concert tonight and tomorrow service at TBS?
Anon 7.58, who r u talking about? La Fresh? U must have her mixed up with Linda Eze. That is the house girl.
DeleteA blog does not define me, if it defines you, good for you. Prepare for HBP.
DeleteWhat exactly do you call mediocrity?
You come to a blog to hate people because you don't like their comments and you call yourself a christian?
Anon 7.58 wait for it
DeleteAnno La Fresh no get base nahhh
DeleteAre u a learner
She dey stay for Benin, Ph n Abj
Chaiiiiiii
Lekki phase my left yash
Person wey dey sleep for SDK na him go fit pay 1 room 700k for Lekki
Annony abeg give a rest. So she shouldn't have an opinion cos she's ur church member?? It's really not that serious you know..
DeleteBeing*
DeleteSee this man
DeleteNa u open bank 🏦 for them?
Is it Federal govt bank?
Stop the noise and gve youths' job just like you promised dring your nonsense campaign
@Galore
Yes na
ReplyDeleteSee stupid talk Abeg! Private sector again... You want to force employers to keep paying staff they don't need? Has he been to a banking hall lately? Graveyard, you can't count 7 people in the hall altogether. Instead of government to recruit, they want to force people to keep staff they can't afford to pay.
ReplyDeleteBoss just create jobs, leave these banks and bankers it's slavery. Those that are still there is like they are walking corpses already. Fcmb is the worse!!!
ReplyDelete'Sharap' please, no one is forced to work in fcmb and beside which bank keep their promises like fcmb. You will come here and be saying rubbish up and down.
DeleteSo they will call me back and i will go....hmmm....how crazy does that sound? They should give me my entitlements and let me go
DeleteReally scary. Father protect with this one wey I just switch career so.
ReplyDeleteThe Buhari's archaic and idiotic economic policy is also adversely affecting the banks not just individuals . I hope Buhari and Ngige has some financial packages for the banks.
ReplyDeleteU dey mind dem? Idiots. The banks should keep the workers they can't pay abi? When u imbeciles were doing d single treasury account, what was suppose to come out of it
DeleteSupuu Onyibo!!
DeleteHehehehe hehehehe.
ReplyDeleteOya go hep them pay salary na.
Mtsheeeeeew.
Something they know there's nothing they can do about.
So that we will say they care. Oshisco
This government thinks they can build an economy by dishing out orders abi! Make positive policies they won't make they're there giving instructions. Cluelessness in the highest order
ReplyDeleteWell done Federal government, so who pays the salaries of the workers you
ReplyDeleteBubu n Ngige
DeleteBetter o
ReplyDeleteDullardinho and his people are fools. What favourable policies have u put in place to make sure these banks stop retrenching. None? And you want them to keep staffs they can't pay.
ReplyDeleteThis government thinks they can build an economy by dishing out orders abi! Make positive policies they won't make they're there giving instructions. Cluelessness in the highest order
ReplyDeleteWill they listen?It's one thing for him to say it,and another for them to actually listen.So what of those who have already been affected by the retrenchment?
ReplyDeleteThey gon reinstate d already sacked staff?
ReplyDeleteFG should also include them in their pay role
ReplyDeleteBuhari give regular power, security and quality transport system (3 point agenda if you may).
ReplyDeleteThen watch the magic happen as everyone finds their square root business and productivity wise.
What is Nigeria's realistic economy 6months, 1year,2year, 5th at and 10year plan?
Buhari give regular power, security and quality transport system (3 point agenda if you may).
ReplyDeleteThen watch the magic happen as everyone finds their square root business and productivity wise.
What is Nigeria's realistic economy 6months, 1year,2year, 5th at and 10year plan?
Buhari give regular power, security and quality transport system (3 point agenda if you may).
ReplyDeleteThen watch the magic happen as everyone finds their square root business and productivity wise.
What is Nigeria's realistic economy 6months, 1year,2year, 5th at and 10year plan?
What is FG saying wen they are mostly the causer. And FG refuses to absorb...Who all their policy don help... abeg make FG swerve jor.
ReplyDeleteFG deceiving Nigerians with lip service since 1984...
ReplyDeleteHope this is fixed before it gets to likes of gtb, first bank and access
ReplyDeleteThey can't pay staffs anymore, what do they expect them to do?
ReplyDeleteThe most clueless government...if you're still a supporter of this government...you should die and reboot
ReplyDeleteI pray for the bankers in the house, May God protect you guys ooo.
ReplyDeleteChai I don't pray to be in your shoes now but it's well with you guys.
It's not only the banking sector that employees are retrenched. The oil & gas sector is inclusive. Pls I need a career change. I am a humble, easy going and hardworking person who strives for excellence in whatever task I am given. I equally have an MSC in HR from a reputable university abroad. I am on the look out for an HR role. Sdk fam pls reach out to me. thanks and God bless
ReplyDeleteFor chrissakes, these are privately owned firms operating within a free enterprise system. The government can only use her fiscal and monetary policy instruments to influence their actions with regard to labour strenght and wage payable.
ReplyDeleteResorting to such policy fiats will amount to total waste of time.
Story story. It's really bad that they r sacking people in this critical time but if they keep them, how will they pay them?
ReplyDeleteCreate more jobs Ngige
Its a painful saga
ReplyDeleteBut clearly, the banks have their hands bent by the economy.
What im against is retrenching and replacing the staff which I know they will do to cut costs. Asides from that, its a natural consequence of the economy. Read about the great depression.
The govt should stop sounding like they can use force.
Everything cant be done by force.
They increased pump price and despite the pleas and threats, stood by their price. Now they want to tell commercial banks what not to do? Calling it illegal. Im sure the decison was not to punish people but to stay affloat.
The monetary policies of CBN weighing down on banks, foreign transactions are clamped down, banks are tied to the manufacturing industry which is going downhill, importation too was also another money maker for banks. companies are moving away from Nigeria and taking away their money too. Then theres the issue of TSA.
The Treasury Single Account saga is already a huge problem for commercial banks cos a lot of money has been pulled out from them. Same reason Okonjo Iweala stated that it should be implemented batch by batch and for years. But Buhari comes in, gives the parastatals 3 months to pull out all their money from CBN in d name of 'fighting corruption', now our commercial banks are failing. Clear causes n effects.
Like seriously, this ngige is even dumber than i thought. Shey na fg go dey pay their salaries when they are recalled?
ReplyDelete