• Mon. Aug 8th, 2022

NIB begins voluntary layoffs with a generous redundancy package.

The National Investment Bank (NIB) has given employees the option to resign freely.

According to a report on Graphic.com.gh, the bank has successfully concluded a voluntary leave program, with some staff taking advantage of the generous redundancy package negotiated with the unions.

On July 2, 2021, NIB’s Managing Director, Samuel Sarpong, informed employees that management had reached an agreement with the unions on redundancy pay.

Following the bank’s announcement, interested employees were offered a one-week window to apply for the exit program (December 17-24, 2021).

The affected employees have subsequently received their redundancy money and will no longer be employed by the bank as of December 31, 2021.

The impacted employees were paid three and a half months’ salary for each completed year of service, pro-rata.

They also obtained each impacted employee a one-month salary in lieu of notice, as well as all outstanding leave days converted to cash and paid.

Employees who had received an excellent long service award as of December 31, 2021 must be sorted out as well.

Graphic also stated that NIB management paid GH4000 to each impacted staff member as a token of appreciation for their service. They were also given GH2000 to cover transportation and repatriation costs.

In addition, the impacted employees will receive either two years of medical coverage under insurance or GH6000 each to pay their medical expenses.

To help mitigate the impact of the layoffs on employees, 5% of all outstanding loan balances were waived.

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