National Investment Bank lays off workers in voluntary redundancy exercise

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

The Managing Director of the bank, Mr 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 staff were duly paid and have exited the company since 31 December 2021.

The redundancy pay, according to, 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 of December 31, 2021, have been sorted out.

The management also paid GHS4,000 to each affected staff across the board in appreciation of their service.

Each of them was also given GHS2,000 for transportation.

Apart from the above payments, the affected staff will receive either two years of medical insurance cover or GHS6,000 in lieu for that purpose.

They will also enjoy a 5 per cent waiver on all outstanding loan balances.


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