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Retirement Of 1000 Workers Completely Voluntary – CBN

Published

1 month ago

Dec 4, 2024.

The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) is voluntary, with no negative consequences for eligible staff members who choose not to participate.

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EKO HOT BLOG reports that earlier reports indicated that the CBN planned to retire approximately 1,000 employees by the end of the year as part of a workforce realignment under Governor Olayemi Cardoso.

The realignment is expected to cost over N50 billion in severance packages. Sources within the bank revealed that the affected employees have held various roles across the organization.

However, in a statement issued in Abuja on Wednesday, the Acting Director of Corporate Communications, Hakama Sidi Ali, dismissed rumors of forced retirements, explaining that the EEP was introduced after extensive consultations with the Bank’s Joint Consultative Council (JCC), which represents staff interests.

Ali further clarified that the Early Exit Package is a long-standing policy previously available only to the executive cadre, but it is now being extended to eligible staff at all levels.

This decision, she noted, was made to address a long-standing request from staff representatives and to foster career development within the bank.

Addressing concerns from employees about rejecting the package, Ali reassured that management’s focus remains on career development and welfare, dismissing the worries as unfounded.

This initiative is part of CBN’s internal strategy to realign its workforce, with the goal of promoting staff development and improving operational efficiency.