First Atlantic Bank writes to Labour Department over redundancy concerns

The Management of First Atlantic Bank has written to the Labour Department with respect to the redundancy exercise the bank wants to undertake.

First Atlantic Bank

In the letter, First Atlantic Bank clarified that it is ready to meet all demands to be inquired of the bank by the Labour Department.

The response comes following claims by John Esiape that the workers who had been laid off have been locked out of office despite not being paid their due and concluding on their exit package with the bank.

However, First Atlantic Bank insists that some of the affected workers had already received their packages and exited the bank.

“Mr John Esiape presented our legal advisors with an estimated number of twenty-one demands on Thursday, May 16, 2019, which the Bank is considering. Thus, it has come as a surprise to us that Mr John Esiape would serve this complaint on your high office considering that we are still in discussions with him,” portions of the document read.

“Some of the affected workers have accepted the redundancy package and have exited the Bank peacefully. It is also important to note that apart from the workers who were initially earmarked to be affected by the redundancy, an additional number of eleven (11) workers, acknowledging the fairness of the redundancy package, voluntarily approached the Bank to be given the same package. These workers have since received their redundancy package and have also exited peacefully.”

The package comprises;

1. One and a half (1.5) months basic salary for every year of service completed on a pro-rata basis.

2. One (1) month basic salary in lieu of notice period.

3. Transportation amount.

4. Pay in lieu of any unused leave entitlement up to the Exit Date.

5. Offer of a twenty percent (20%) discount on your total outstanding loan amount.

Meanwhile, First Atlantic Bank has indicated that it is “ready to submit to the National Labour Commission or any other competent adjudicatory body for the speedy resolution of this matter in the overall interest of both parties.”

“The Bank is committed to fair dealings with all stakeholders including its staff and has approached the matter in a conciliatory manner despite the resort to unwarranted media attacks on it and its management,” it added.

The redundancy exercise came after the merger between First Atlantic Bank and Energy Commercial bank in a bid to meet the new minimum capital requirement set by the Bank of Ghana.


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