By Uche Amunike
The Central Bank of Nigeria (CBN) has assured Nigerians that its early Exit Package for staff members of the bank is entirely voluntary and not in any way, mandatory.
Speaking, through a statement, signed and released, Wednesday, by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, she gave these assurances, adding that no employee of the CBN would be forced into early retirement under the scheme.
She explained that the program would enable eligible staff members that wish to exit the bank voluntarily to do so as a part of the CBN’s ongoing strategy to promote career development.
The statement, partly read: ‘The Central Bank of Nigeria has dismissed claims of forced mass retirements, clarifying that its Early Exit Package is entirely voluntary and without any negative repercussions for eligible staff.’
She further explained that the early exit package has been in existence, as a policy that has always been available, however, only to the executive cadre in the apex bank.
It was after extensive consultations with the CBN’s Joint Consultative Council, the body that represents staff interests, that the management therefore decided to open the program to eligible staff at every level.
Hear her: ‘For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres. Following these discussions, management decided to meet this popular demand.’
She also addressed the concerns expressed by staff members that workers who decided not to participate in the Early Exit Package might face negative consequences, by assuring them that those concerns were entirely unfounded.
She reiterated that the bank would continue to be committed to the professional growth and welfare of its employees, maintaining that the Early Exit Package was part of broader internal reforms which are aimed at improving operational efficiency and staff development
The statement stated in conclusion: ‘Addressing concerns about potential repercussions for staff who decline the package, Mrs. Sidi Ali reaffirmed management’s commitment to supporting employees’ professional growth and well-being, describing the concerns as unfounded. She further emphasized that the initiative is an internal corporate matter designed to promote career development for staff.’
The CBN had earlier reported that they were preparing to retire approximately 1000 employees as part of their strategic work force realignment. About 50 billion Naira was said to have been mapped out as a payoff for the exercise as severance packages.
According to a report by the PUNCH,, the retirement initiative was introduced, because of the need to streamline operations and reduce staff numbers under the leadership of the CBN Governor, Olayemi Cardoso.
Recall that the House of representatives ordered the suspension of the reported ongoing mass retirement of staff at the CBN with N50 billion reportedly earmarked as severance funds.
They set up an ad hoc committee to investigate the circumstances that led to the mass retirements of 1000 staff members of the bank. They also resolved to engage the leadership of the CBN to evaluate the potential economic constitutional impacts which the mass retirement has on the Nigerian financial sector, while also urging the CBN to stop any further implementation of the retirement exercise and associated pay off scheme, until the House investigation is concluded.
They further demanded that the Federal Ministry of Labor and Employment ensures that the rights of affected staff are protected in accordance with Nigerian labour laws.
