Business
Leading East African financial institution, Kenya Commercial Bank to implement job layoffs
East African financial institution, the Kenya Commercial Bank has announced another round of layoffs. This comes 2 years after the bank started reducing on staffing costs as it leveraged on technology.
The Kenyan-headquarterd bank, which has operations in Uganda, Tanzania, Rwanda, Burundi and South Sudan said Thursday that this round of layoffs will only affect Kenya and will target staff at all levels.
The CEO of the Kenya Commercial Bank Group, Joshua Oigara, announced the implementation of the layoff program after making changes to the institution’s executive committee structure which has resulted in the creation of two new senior positions of Chief Information Technology officer and Director of Corporate and Regulatory Affairs.
The financial institution has revealed that the layoff program will commence with staff members who will voluntarily apply for early retirement before March 30.
“Staff who will be affected by the review of the organization have an option to be redeployed into other areas of the business or apply for the approved Voluntary Early Retirement (VER) program in the next one month. In addition, the bank will continue to recruit staff with required skills to serve the growing needs of the business,” said Oigara.
The Kenya Commercial Bank has not disclosed or indicated how many people would be affected or how much it intends to spend, or how much it would save after the layoff process is complete.
Kenya Commercial Bank is offering its employees three month’s pay, medical benefits and rebates of up to 25 percent on their loans. They will also receive severance pay of one and half month’s consolidated salary for every year of service up to age 50 and the institution’s human resources department will run a separate workshop for its employees to prepare them for the layoffs.
