Today's Labour News

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africanbankANA reports that African Bank announced on Thursday that it has decided to discontinue its Section 189A (i.e. retrenchment) consultation process because of the response it had received to its offer of voluntary severance and retirement packages.  

The bank said it had reached an agreement with finance union Sasbo, which has been representing workers who were to be retrenched.  The consultation entailed offering voluntary severance and retirement packages to staff.  In a bid to cut costs, the bank had in May issued notices to its staff about its restructuring plan that would have seen as many as 652 employees getting retrenched - about a sixth of the staff complement of 4,075.  As a result of the high number of workers accepting voluntary severance and retirement package, the bank said it no longer needed to continue with the retrenchment phase.  The bank is still in the process of evaluating some of the applications for the packages, but is confident that there has been an adequate uptake.


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