NIB Lays Off Staff

Samuel Sarpong, MD, NIB

THE NATIONAL Investment Bank (NIB) has laid off some of its staff through a voluntary retrenchment exercise.

Managing Director of NIB, Samuel Sarpong, on July 2, 2021, announced to the staff that NIB had concluded negotiations with the unions on the redundancy package and gave them a one-week window for interested staff to apply for it between 17 December, 2021 and 24 December, 2021.

All the interested staffs were duly paid and have exited the company since 31 December, 2021.

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

Additionally, each affected staff got a one-month salary in lieu of notice.

Also, all their outstanding leave days were commuted to cash and duly paid.

Furthermore, employees who had outstanding long service awards as at December 31, 2021, have been compensated.

The management also paid GH¢4,000 to each affected staff across the board in appreciation of their service. Each of them was also given GH¢2,000 for transportation.

Apart from the above payments, the affected staff will receive either two years of medical insurance cover or GH¢6,000 in lieu for that purpose.

They will also enjoy a 5 percent waiver on all outstanding loan balances. – Classfmonline