The Board and Management of National Investment Bank has confirmed the long-held public fears of the bank being in distress following a huge financial package offered to staff to voluntarily retire to save the bank from imminent collapse.
The bank after deeper consultation with various stakeholders decided to offer the redundancy package for staff who want to move out and pursue other interests rather than continue working for the once prestigious Bank left to riot due to years of mismanagement and political interference.
As if the workers were looking forward to this day when the voluntary retirement package would be announced by the bank, within three days after the announcement, over four hundred staff opted for the voluntary exit.
A memo announcing the package among others indicated that management reserved the right to either accept or decline any application, which was used to reduce the number of staff who had opted for the package to a little over two hundred.
A letter from the Head of Human Resources addressed to the staff said, “Following MD’s announcement to the Board and Management, I am pleased to announce that management has concluded negotiations with the unions with the following agreed terms.”
“Redundancy pay of three and half months of salary pay for each year of service completed and pro-rata for the affected staff and the Bank also commuted all outstanding leave for 2021 into cash.”
The bank offered an ex-gratia of GH¢4,000.00 across the board to all affected staff while some staff were also paid long service awards.
The Bank also paid each affected staff GH¢6,000.00 to cater for their medical needs, GH¢2,000.00 as repatriation or transportation fees and one month salary in lieu of notice.
The Bank pledged to pay any outstanding allowance or benefit due to all affected staff and to release the balance of account of their provident fund with interest.
A staff who spoke to the Ghanaian Publisher on condition of anonymity said many workers really want to move out but the lack of employment opportunities kept them in the bank.
“I am not surprised at the number who took advantage of the package. It was the relief most of us were waiting for,” he stated.
The NIB, he said, still remains the best bank for SMEs in Ghana but stressed certain things must change so it can continue being the best support for local businesses.
Source: Mypublisher24.com/Yaw Obeng Manu