Job losses loom at National Bank of Malawi

National Bank of Malawi (NBM) could be set to axe a number of senior staff as it looks to reduce its operational expenses.

National Bank staff face retrenchment

According to a circular dated February 25 2019 seen by Nyasa Times signed by head of business resources Charles Dulira, the country’s biggest commercial bank, plans to cut jobs have been made by recent changes in the operating environment.

The Malawi stock Exchange (MSE)-listed financial institution has asked employees interested to proceed on the voluntary retrenchment arrangement to express their interest to the Human Resources Division by March 11 2019.

The bank has not disclosed how many of its employees it would like to go.

It is however dangling an “attractive” retrenchment package to entice more staff to apply.

According to the circular, the employees who will have their applications for voluntary retirement approved stand to get terminal benefits that will include severance allowance, notice pay, leave pay for accrued days, salary arrears for the applicable months of 2019 and a 40 percent lump sum from the pension scheme if one has clocked 60 years of age or has continuously worked for the bank for at least 20 years.

NBM has been able to make good profits during the country’s economic hard times.

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Francis KAISI
2 years ago

Who cares. Even if they close the entire bank. The service is very poor due to unprofessionalism. These employees must just apply jobs at Immigration department and join the lazy bunch. Akamukupanga serve osasekelera akuti kuzimva suger akugwila mu bank. Ayiwala kuti those bank charges and interest are revenues that pays their salaries. Apite. Sitiwasowa.

Grin Lin
Grin Lin
2 years ago

There is a fear of unknown.as bankers your customers are writing proposals and you give them loans. What can fail to voluntarily resign and do what others are doing at the other side of the counter

cent
2 years ago

Just shows malawian economy is at crisis

Wiseman
Wiseman
2 years ago

Technology is taking more duties, we have seen ATMs that allow deposits, pakhalekhale not more bank tellers in future. You deposit your money with tnm mpamba/airtel money then you transfer it to your bank account, basi zatheka.
Good thinkers will do better, moreover employment imangokuthera nthawi yako munthu, better do other things zomwe zingakukweze. All the best to those people retiring or to be retrenched. With the money you are going to get, mutha kupanga zazikulu. Bola osapenga nazo mukalandila.

Concerned citizen
2 years ago

In todays paper, there are a number of service centres being closed.

These should be the realities of capping.

Juju
Juju
2 years ago

If the aim is to save resources, then target those who earn big monies. But what you will see is that they will only retrench lower end staff whose removal will not save anything as their cumulative earnings cannot match of the senior team. If the bank is really serious, start with the ones who sat to make this decision, including the author of the letter. If the retretchment package is good, why is the author not the first to volunteer

Mussa
Mussa
2 years ago

There is life outside NBM. Revolutions shall always happen in life. Just accept it and move on folks.

joe guta
joe guta
2 years ago

If the retrenchment is for a good running of the firm, well we can say it’s alright.

Pimbinyoro
Pimbinyoro
2 years ago

National Bank is top heavy. This is why we have seen some of its managers spending much of their time on FACEBOOK writing stories unconnected to National Bank and quite unbecoming of good managers that work for a premier commercial bank. The second problem NBM has is that it has invested heavily in useless infrastructure. When the same is buttressed by POOR LEADERSHIP and a BOARD that has been there before some of us were born, it obviously cannot perform. Some Board members have become part of management and cannot hold the lazy and FACEBOOKED managers to delivering. If I… Read more »

Make Malawi Great
Make Malawi Great
2 years ago

60 years they need to retire and get their package! Banks are slow you need youthful workforce like Multichoice MW.

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