The Central Bank of Nigeria (CBN) has clarified that its Early Exit Package (EEP) initiative is entirely voluntary and has no negative implications for staff who choose not to participate.
This clarification was issued on Wednesday in response to reports suggesting that the apex bank was planning to retire 1,000 employees with a severance package exceeding N50 billion.
The reports had also sparked concern from the House of Representatives, which called on the CBN to halt the alleged mass retirement plan.
Addressing the matter in Abuja, Mrs. Sidi Ali, the acting director of corporate communications at the CBN, dismissed the claims, stating that the EEP is a long-standing policy that has been extended to all eligible staff, regardless of their cadre.
Previously, the package was exclusive to employees at the executive level.
Sidi Ali explained that the decision to broaden the initiative followed extensive consultations with the bank’s Joint Consultative Council (JCC), which represents staff interests.
According to her, the move was a response to repeated requests from staff representatives.
“For some time, staff representatives through the JCC had called on management to approve the early exit package for all cadres.
“Following these discussions, management decided to meet this popular demand,” she said.
The acting director also reassured staff that opting out of the program would not affect their career progression or job security.
She described concerns about potential repercussions as unfounded and emphasized the bank’s commitment to fostering professional development and employee wellbeing.
Ali highlighted that the EEP is an internal policy aimed at providing employees with flexible career choices and a pathway for early retirement, should they choose to take it.
The clarification comes amid heightened public scrutiny of the bank’s workforce policies, with lawmakers and stakeholders urging transparency and fairness in its implementation.
Author
Leave a comment