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Visualizing the Staff Strength of Nigeria’s Commercial Banks: 2017-2020 Snapshot

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Following #covid_19 restriction measures, commercial banks were hit by reduction in operating hours and some took measures to cut staff salaries and lay off contract workers. A viral video from one of the Commercial Bank’s CEO revealed that the bank was planning to sack 75% of its work force. However, a report from the Bureau of Statistics revealed that, 2 out of 5 bank workers are contract staff, (that is, they are not direct employees of the bank, but work for an agency). The Central Bank had also The Central Bank of Nigeria (CBN) and the Bankers’ Committee have instructed all banks in the country not to lay-off any staff of any cadre.
Sometimes called ‘casual workers‘, the Labour Act (Amendment) Bill, 2019 seeks to criminalize maintenance of contract staff, beyond six months by any employer. What amount of bank staff are contract workers? Has there been an increase or decrease in contract staff within the industry? 

 

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Tags: #bankingindustry#bankingsector#bankstaff#impactofcovid19banking staff

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