Up to 225 employees of CFC Stanbic Bank are facing layoffs under an early retirement scheme in a bid to cut on cost and increase the company’s profits.
The Bank’s management said those affected will get a favorable payment, at the rate of 1.5 month’s salary for each year they have served in the company.
According to a memo addressed to the employees, the bank has offered both permanent and pensionable employees a voluntary early retirement package which includes a pay up to the last day they will work for the company.
The employees have been given until 9th August 2019 to accept or decline the package.
“We have until Friday to give feedback on the handshake offered by the bank, though we are not happy about that as employees, it is better because initially, the bank had planned to fire all the employees without offering any benefit plan,” said one of the employee who did not want to be named.
In 2009 the Bank laid off 40 employees after closing four of its branches in Naivasha, Nakuru, Eldoret, Kisumu.