About time!
The federal government has issued a directive asking banks, insurance and financial institutions to stop the ongoing downsizing exercise in that sector.
Minister of labour and employment Chris Ngige said on Friday that his office had recieved several complaints from those who have been affected.
He said any further action retrenchment done would be considered illegal. A meeting to discuss the way forward has been scheduled for July 2.
The minister said in his statement: “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.
“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.”
He added that the continued retrenchment and redundancy by the sector were interfering with the outcome of the ministry’s reconciliatory and mediatory processes.

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