NIB embarks on voluntary layoff with attractive redundancy package

The National Investment Bank (NIB) has given staff the opportunity to voluntarily exit the bank.

Managing Director of NIB, Mr Samuel Sarpong

According to a story, the bank has 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.

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

The redundancy pay was three and a half months’ salary for each completed year of service and pro-rata for the affected staff.

They also got a one-month salary in lieu of notice to each affected staff and all outstanding leave days commuted to cash and paid.

Also employees who had outstanding long service award as of December 31, 2021 have also to been sorted out.

Graphic also reported that in appreciation of the service of the affected staff, management of NIB paid GH¢4000 across board to each affected staf. They also received GH¢2000 to cater for transportation needs and repatriation.

The affected staff are also receiving either two years of medical cover under insurance or GH¢6000 each to cater for their medical needs.

To help reduce the impact of the redundancy exercise on staff, 5 percent of all outstanding loan balances were also waived.


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