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