Following the high spate of petitions and complaints from stakeholders in the Banking, Insurance and Financial Institutions, the Federal Government has ordered an immediate end to the ongoing retrenchment in the Banking sector pending the outcome of the conciliatory meetings in the industry.
A statement from the office of the ministry of labour and employment, Chris Ngige said the directive is as a result of the apprehension on the various disputes in the sector in accordance and in compliance with the provisions of the labour laws of Nigeria.
The statement signed by the minister himself said the 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 undertaken by the Ministry of Labour and Employment.
The minister therefore mandated banks and other financial institutions to suspend all proposed retrenchment, retrenchments and redundancies done in the last four months, 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.
Following the directive and for the sake of industrial peace and harmony, the statement urged all parties to maintain the status-quo while also advising labour unions to stop all picketing of banks and financial institutions immediately.