The Federal Government has appealed to banks and other companies to stop
retrenchment of their staff in this period. This appeal is coming 24
hours after a commercial bank laid of 1040 of its staff. The Federal
government's appeal is contained in a statement signed by the Minister
of Labour and Employment, Chris Ngige and released today June 3rd. The
statement reads;
"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.” it said.
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