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Stanbic Bank To Retrench 200 Staffers In Cost-cutting Move


Cfc Stanbic Bank is set to lay off at least 200 workers in a cost cutting move.

According to a notice issued to workers two weeks ago for voluntary retirement plan, the bank cited digitisation as the major reason for the job cuts.

Business Daily reports that all permanent and pensionable employees of the bank are eligible for the plan.

Employees who choose the plan 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.”

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They will also get pay in lieu of notice and compensation for unused leave days.

Employees with loans with the lender will be offered 25 per cent discount on the balance of any outstanding loans settled immediately upon exit. Those who do not repay immediately will continue repaying with staff interest loans for a period of six months.

Employee costs for the lender stood at Ksh5.595 billion in 2018, a three percent rise from the previous year. Operating costs stood at Ksh3.55 billion in the first quarter of 2019, a 25 percent rise from Ksh2.85 billion in quarter one of 2018.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email

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