Stanbic Bank targets 200 employees in layoff plan
Up to 200 employees of Stanbic Bank are facing layoffs under an early retirement scheme intended to cut payroll costs for the lender.
The employees were given terms of the voluntary retirement plan about two weeks ago, with the lender citing digitisation as the major reason for the job cuts.
All permanent and pensionable employees of the bank are eligible for the plan, as per terms of the redundancy scheme seen by the Business Daily.
The early retirement plan presented to the staff shows that those taking up the severance option will get an "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."
This is in addition to the pay in lieu of notice and compensation for unused leave days.
The lender has also offered employees signing up for the layoff plan a 25 per cent rebate or discount on the balance of any outstanding staff loans settled immediately upon exit.
The exiting employees will continue repaying their loans on staff interest rates for a period of six months, after which the outstanding amounts will revert to commercial terms.
They will also be allowed to remain on the bank’s medical scheme until the end of the year, with an option of opting out and getting paid the equivalent of the cost of the insurance to the bank.
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