The Federal Government has urge all banks, insurance and financial institutions operating in the country to suspend the ongoing massive retrenchments of workers in the sector.
This is contain in a statement signed by Minister of Labour and Employment, Chris Ngige, adding that his office had received several complaints from those affected by the development.
“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.
“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 undertaking 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.”
In recent times the banks has embarked on massive retrenchment of their staff to cut costs following decline in their profitability.