I actually heard of the news and rumours of its implementation but I doubted it's possibility considering they recently employed some staff from other banks for experienced position so they won't employ them only to convert them back to contract cos it's extreme cruelty.

The banking industry today is now a shame as it has been reduced to a mere factory job where they employ people and give them little or no benefit.

The poor performance of the industry is a contributory factor to the rising tide of unemployment in the country. The private sector is so profit oriented focused that they don't mind killing the economy to achieve their aim.

The drive to increase shareholders dividend is taking a crazy turn on the employment opportunities in the country as this banks are now focused on satisfying shareholders and don't mind of the staff that will help them achieve the profit die while doing it; thereby making the job less attractive and enticing.

I worry for the future of this country because the pressure is now on government establishments as people no more care about the salary all they want is a job that is less risky and sure of security. No wonder lives where sacrificed in the shambolic immigration recruitment.

If in the face of insecurity youths still want the opportunity to work with the armed forces not because it is what they want but they have to just accept it as a way out for survival.

But it is time we stop celebrating some good for nothing rich men who milk the poor because they are as worst as our government.

Wow, first to comment. Up APC.

Your post is a big fallacy.

What could have happened was that the staff were paid their gratuities and the gratuity scheme of the bank was cancelled.

This idea has been proposed by the bank around september last year. I have a colleague whose husband works with first bank, so I know this.

The implication of this is that if you resign or the bank fires you, you won't get a dime from the bank. You will meet your PFAz to get your contributory pension fund.

Stop spreading falsehood.

desoul2004: Wow, first to comment. Up APC.

Its pipu like you that fail your exams woefully

I only look up to God.

234GT: Your post is a big fallacy.

What could have happened was that the staff were paid their gratuities and the gratuity scheme of the bank was cancelled.

This idea has been proposed by the bank around september last year. I have a colleague whose husband works with first bank, so I know this.

The implication of this is that if you resign or the bank fires you, you won't get a dime from the bank. You will meet your PFAz to get your contributory pension fund.

Stop spreading falsehood.

Well you are right, and the OP too is right in a way... the staff of FBN refer to themselves as casual/contract workers because they no longer get gratuities again. I knw coz my brother works there

They are not people they are called Political dogs aka errand boys ... Aka Elite Touts

redcliff:
Its pipu like you that fail your exams woefully

234GT: Your post is a big fallacy.

What could have happened was that the staff were paid their gratuities and the gratuity scheme of the bank was cancelled.

This idea has been proposed by the bank around september last year. I have a colleague whose husband works with first bank, so I know this.

The implication of this is that if you resign or the bank fires you, you won't get a dime from the bank. You will meet your PFAz to get your contributory pension fund.

Stop spreading falsehood.

u re right,i once work with dem
dey paid 50% of d gratuity last year Dec & dey just paid d remaining 50%

234GT: Your post is a big fallacy.

What could have happened was that the staff were paid their gratuities and the gratuity scheme of the bank was cancelled.

This idea has been proposed by the bank around september last year. I have a colleague whose husband works with first bank, so I know this.

The implication of this is that if you resign or the bank fires you, you won't get a dime from the bank. You will meet your PFAz to get your contributory pension fund.

Stop spreading falsehood.

Based on what you have said...A situation where at the end of the day you get only your contribution and no other benefit what does that makes you??...It is only contract staff that leaves without any benefit. what makes you a staff of an organisation if at the end of your working time with them you leave without a benefit? Just the compulsory contribution that is even partly your income...I bet you if the scheme had not been compulsory they won't even give you...I spread no falsehood cause you just confirmed that it is truth I just said only that you have decided to give it your meaning to suit your pride when exactly the initiator of the idea are way smarter than you and deliberately designed it aimed at achieving their selfish interest.

Well, I hope someone who works with first bank would shed more light to this.

However, be informed that new entrants into state and federal civil service jobs who started with the contributory pension scheme would not get pensions from the government after retirement.

My bank still pays monthly pensions to old staff who retired before the 2004 pension reforms act. But for those of us who joined in 2012, we don't need to be told that we won't be getting same.

Na you and your PFA get matter after you commot.

The lesson is that you must know what you are doing with your salary.

234GT: Well, I hope someone who works with first bank would shed more light to this.

However, be informed that new entrants into state and federal civil service jobs who started with the contributory pension scheme would no get pensions from the government after retirement.

My bank still pays monthly pensions to old staff who retired before the 2004 prnsion reforms act. But for those of us who joined in 2012, we don't need to be told that we won't be getting same.

Na you and your PFA get matter after you commot.

The lesson is that you must know what you are doing with your salary.

i once work with a private establishmnt in lagos and i resignd my appointment early dis year. Do i stand a chance of being paid by my Pfa?

@Zola, I think one cannot access his/her contributions with the PFA before the age of 45 or 50. I can't remember the minimum age again!

The truth is every company is going the way of contributory pension scheme which is what the laws of the land prescribes and FBN's own should not be an issue. Though I prefer the old pension scheme to the new contributory one because it gives out better money at the end of the day based on the type of MDA you worked with. I worked with a Govt body that just went private and we were all paid our gratuities based on individual length of service and was transferred to the new pension scheme. In the old pension scheme, if some categories of staff had retired before our transition to private, they will be collecting not less than 300k per month as pension, but today based on the new contributory one, a lot hardly collect above 100k per month cos its what you and your pencom sits down to discuss on how long you want to access it unlike the old system that heard of a person being on pension for more than 30yrs. You must be 51 yrs and above before u can access the new pension funds

zolajpower: i once work with a private establishmnt in lagos and i resignd my appointment early dis year. Do i stand a chance of being paid by my Pfa?

you can't access your pension fund until you are 55 years I guess. But, you can get 25 percent of your contributions from your PFA before you attained stipulated 55years only on two conditions.
If you were sack or you had resigned your appointment from the organisation by writing your PFA.

Serious

ejibaba:

Based on what you have said...A situation where at the end of the day you get only your contribution and no other benefit what does that makes you??...It is only contract staff that leaves without any benefit. what makes you a staff of an organisation if at the end of your working time with them you leave without a benefit? Just the compulsory contribution that is even partly your income...I bet you if the scheme had not been compulsory they won't even give you...I spread no falsehood cause you just confirmed that it is truth I just said only that you have decided to give it your meaning to suit your pride when exactly the initiator of the idea are way smarter than you and deliberately designed it aimed at achieving their selfish interest.

What are you really on about?
This is a Nigerian law and you're bringing sentiment into it.

The bank paid off gratuities so as to transit into the new pension scheme, what is wrong with that?
Didn't they pay?

And no, they are not called contract staffs. Stop spreading false rumor

This new pension scheme is contributory, fully funded, privately managed, third party custody of the funds and assets and based on individual accounts. It ensures that everyone who has worked receives his/her retirement benefits as and when due.

Do your research and stop living in ignorance

Most companies in Nigeria are migrating from terminal gratuity to the contributory pension scheme in line with the laws that established the Pension Commission. But that doesn't make all Nigerian companies following the laid down laws of the land contract staff employers. Contributing to a law-backed pension scheme and yet having to pay huge gratuities for its staff will definitely weigh heavily on staff costs for any organization. I don't consider what firstbank has done a case of making all its staff contract staff. Ejibaba, stop spreading rumors jor and stop unnecessarily creating negativity out of thin air. If you are only aware of firstbank now, y don't u take the time to find out what others are doing first?

@Ejibaba... Stop spreading rumors. BTW, you don't work for First Bank, so why take pills over other people's headache.

Under the new scheme, the minimum age that can access the pension contribution is 50. But if you provide evidence of being out of work for at least 6 months, you will be granted access to 25% of the fund. Sacked or otherwise, you still retain access to the fund at the due variable.

234GT: Well, I hope someone who works with first bank would shed more light to this.

However, be informed that new entrants into state and federal civil service jobs who started with the contributory pension scheme would no get pensions from the government after retirement.

My bank still pays monthly pensions to old staff who retired before the 2004 pension reforms act. But for those of us who joined in 2012, we don't need to be told that we won't be getting same.

Na you and your PFA get matter after you commot.

The lesson is that you must know what you are doing with your salary.

You got it wrong...New entrant into state and federal establishments will get their gratuity while pension will be paid by your pfa.

The people who even got their cheques are lucky the future staff are the people hard hit by such policy.

ejibaba:
You got it wrong...New entrant into state and federal establishments will get their gratuity while pension will be paid by your pfa.
The people who even got their cheques are lucky the future staff are the people hard hit by such policy.

My mother retired from Ogun state civil service in 2012. She still has not gotten her 4.5M gratuity from the government.

I never said new entrants to federal and state civil service would not get gratuities, so what did I get wrong? It is only a matter of time before state governments go the way of banks.

A sensible person who got a gratuity of say ten million from First Bank and knows there won't be anything when he leaves will know what to do with the money.

I know a sub-manager who was laid off by my bank last year. He got 13M, and he is forever happy with the bank.

Pls stop "fighting" the cause of First Bank staff! The intelligent ones among them will be happy by now! Sorry to burst your bubble!

ejibaba:

You got it wrong...New entrant into state and federal establishments will get their gratuity while pension will be paid by your pfa.

The people who even got their cheques are lucky the future staff are the people hard hit by such policy.

My mum's gratuity was paid by the PFA and not the state government. You get nothing from your employer if you are on the private contributory pension scheme (except your employer wants to pay you soemthing).

Wat is d salary difference btw a contract staff and permanant staff? Or are dey same?in the same position.