Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The company has offered permanent and pensionable employees a voluntary early retirement package, which they are at liberty to accept or decline/FILE

Headlines

Stanbic Bank Kenya to lay off 255 workers

The company has offered permanent and pensionable employees a voluntary early retirement package, which they are at liberty to accept or decline/FILE

NAIROBI, Kenya, Aug 7- CFC Stanbic Bank is set to lay off 255 employees, a move aimed at reducing the company’s cost.

In a Memo seen by Capital Business, the company has offered permanent and pensionable employees a voluntary early retirement package, which they are at liberty to accept or decline.

Under the package, employees will still receive their monthly salary to the last day of work.

The Bank has also offered ex-gratia payment calculated at the rate of 1.5 month’s salary for each completed year of service in recognition of the service rendered to the Bank by the employee.

It also includes payment in lieu of notice as per the individual employment contract, retention on the medical scheme for the remainder of the calendar year up to 31st December 2019 and 25% loan discount on the immediate settlement of any outstanding staff loan balance.

According to sources from the company who requested anonymity, the employees have until Friday to give feedback on the handshake offered by the bank.

“We have been given until Friday to make up our minds to sign up for the scheme but the majority of us are not pleased with this since we will still be jobless and some of us have been here for over 15 years,” she said adding that the bank had planned to fire all the employees without offering any benefit plans.

Stanbic bank is the latest Kenyan bank to announce retrenchments, following in the footsteps of National Bank which fired 112 employees in June.

In 2017, Barclays Bank of Kenya fired 323 employees while Family bank fired 150 staffers.

 

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...