Federal Government asks banks to suspend laying off of workers

The Federal Government had on Friday mandated banks, insurance and financial institutions to put a stop to the ongoing retrenchment in the sector. The Minister of Labour and Employment, Dr. Chris Ngige, signed the statement and it made available to the newsmen in Abuja. The ministry made it known that there were petitions and complaints from the sector's stakeholders, hence the call for a stop to workers retrenchment. In addition, the ministry noted its awareness of various disputes going on in the sector and therefore called for the sector to put on hold all redundancies, retrenchments done in the last four months and even the proposed ones.  According to NAN, there would be a stakeholders summit for the sector's employers and employees come July 2, 2016.