Most money deposit banks and insurance firms have slashed their workers’ salaries by between 20 and 50 per cent – This is due to the economic recession Nigeria is currently going through – This development has been confirmed by management sources and workers in some of the organisations A report by The Punch indicates that Diamond Bank Plc, Heritage Bank Plc, Zenith Bank Plc, First Bank Plc and Wema Bank Plc have all reduced their workers’ salaries as of August 31.

While Diamond Bank and Heritage Bank were said to have slashed salaries by 30 per cent, First Bank and Wema Bank reportedly slashed workers’ salaries were by 20 per cent each. The banks’ decision were made in order to meet deposit targets, which have become high in recent time. Hence, workers who failed to meet their targets had their salaries slashed. The report also revealed that the same decision has been taken in some insurance companies. Before now, the marketing departments of the underwriting firms and insurance agents were responsible for generating premium for the companies, but it has been extended to all employees.
Sources quoted said insurance workers in the marketing department who failed to meet their premium targets also had their salaries slashed. “Before, it was only the marketers that they used to give targets to. Now, some of us also have targets ranging between N40, 000 and N100, 000 monthly and our promotion and salaries are tied to our performance,” an insurance worker squealed. A worker in one of the new generation banks also said she resumed work after her annual vacation only to discover that she didn’t get the same salary that she had always received. “There is perpetual fear in all banks. Every category of workers in the banks is affected by the economic crisis,” another bank employee noted.

He also revealed that some bank workers had been resigning and travelling abroad, especially the United States and Canada, to avoid being sacked. “One of my colleagues just resigned last month because of the fear of losing his job and travelled to the U.S to seek greener pastures. “But those who are not interested in leaving Nigeria have devised many means to survive the harsh economy should their letters of sacking come anytime. They are setting up small scale businesses. “The most common ones are laundry services and restaurants which require capital outlay of N500, 000. “The academically-sound ones among them have been moving to private universities to take appointments there.

Read more: https://www.naij.com/954828-recession-nigerian-banks-companies-reduce-workers-salaries.html

This is the wrong time to have only one source of income.

No wonder Beremx and keneking have turned wailers.

Afonjas how market

ConqueredWest:
No wonder Beremx and keneking have turned wailers.

Afonjas how market

OSU, market dey move

Congratulobia nwokem, I heard no yeeboe staff had their own salaries slashed, that instead they all received increases!

Shuku okuko bambiala is really working. Praises to him

This is great news. Very soon, these zombies wont even see cash to purchase data and chant their "it's GEJ's fault" mantra.

Shebi you apes wanted change, Una never see anything!