NIB Begins Voluntary Layoff of Staff

The National Investment Bank (NIB) has announced that it has completed negotiations with the union staff of the bank to start a voluntary layoff, beginning this month, December 2022.

According to the management of the bank, it has offered a handshake or ex-gratia to affected staff, as appreciation of their services to the bank.

The bank noted that GH¢4,000.00, shall be paid across board to each affected staff in the redundancy programme.

Last week’s redundancy programme is the second in a year, after the bank engaged in a similar exercise, voluntarily laying-off of some of its staff last December.

The management, in a notice to all affected members of staff, said three and half months’ salary for each completed year of service and pro-rata for the affected staff will be paid as redundancy pay.

It has therefore opened application for interested staff to send their application for the programme from Wednesday 14 December 2022, to midnight of tomorrow Tuesday 20 December 2022,.

“All expression of such interest must be sent to head.hrm@nib-ghana.com strictly. Please note that application through any other means will not be counted as received by the bank.

“Express indication of your interest to be considered for the voluntary redundancy,” a statement by the bank said.

The statement indicated that management reserves the right to approve or disapprove any application.

“Please also note that Management reserves the right to accept or decline any application.”

Below is the notice to the affected staff:

Dear All,

I am directed to announce to you that Management has concluded negotiations with the Unions on the upcoming voluntary redundancy programme with agreed terms as follows:

1. Redundancy Pay – Three and half (3.5) months’ salary for each completed year of service and pro rata for the affected staff.
2. Notice – One (1) month salary in lieu of notice to each affected staff.
3. Annual Leave Days – All outstanding leave days approved by Management up to the end of the year 2022 be commuted to cash and paid.
4. Long Service Award – Outstanding Long Service Award shall be paid.

Employees with outstanding long service award as at December 31, 2022 shall be paid, if any.

5. Handshake/Ex Gatia – In appreciation of the services of affected staff, Management shall pay GH¢4,000.00 across the board to each affected staff.
6. Repatriation/Transportation – Each affected staff shall be paid GH¢3,000.00 to cater for their transportation needs.
7. Medical – All affected staff shall be given GH¢8,000.00 each to cater for their medical needs.
8. Provident Fund – The balance of Account A & B of the Provident Fund with interest, shall be released to all affected staff.
9. Loans – To reduce the impact of the redundancy exercise on staff, 5% of all outstanding loan balances as at the date of the MOU shall be waived.
10. Liabilities – The Bank shall set off against each staffs’ total entitlement all outstanding liabilities (all outstanding loans and other liabilities) prior to the payment.
11. Cut-off Date – 31st December, 2022
12. Mode of Payment – Outright 13.Mode of Exit – Voluntary

By this mail, Management has officially opened for application from interested staff from today 14th December, 2022 to midnight Tuesday 20th December, 2022.

All expression of such interest must be sent to head.hrm@nib-ghana.com strictly. Please note that application through any other means will not be counted as received by the Bank.

Kindly indicate in your email to head.hrm@nib-ghana.com the following details: 1. Staff Number

2. Name
3. Department/Unit/Branch
4. Express indication of your interest to be considered for the voluntary redundancy. Please, also note that Management reserves the right to accept or decline any application.

Kind regards,

The latest announcement comes on the back of a similar exercise last year where the bank gave staff the opportunity to voluntarily exit.

A Graphic.com.gh reported that, the bank successfully completed a voluntary exit programme, which saw some employees of the financial institution take advantage of the attractive redundancy package agreed on with the unions.

At the time, the Managing Director of NIB, Samuel Sarpong, on July 2, 2021, announced to staff that the management had concluded negotiations with the unions on the redundancy pay.

Following the announcement by the bank, interested staff were given a one week window (December 17-24, 2021) to apply for the exit programme.

The interested received their redundancy pay and ceased to be workers of the bank on December 31, 2021.

Source: Anchorghana