The Federal Government has stepped into the on-going mass retrenchment in the financial services sector.
Dr Chris Ngige, Nigeria’s minister for labour and employment, has directed the immediate suspension of the on-going retrenchment in the financial services sector pending the outcome of the conciliatory meetings in the industry.
The minister, who revealed this in a press statement issued to Journalists, said his decision is based on the apprehension of his office due to the various disputes in the sector
Part of the statement read: “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.”