FG, CBN Reveals New Employment Guidelines, Gives Contract Staff a Chance to Survive Working in Nigerian Banks

• The Federal government of Nigeria has announced new guidelines for employment
• The guidelines will guide labour practices in the banking system, which has been criticised over the years for casualisation
• With the new guidelines, contract staff now has a chance to a clear path towards achieving their dreams

The Federal Ministry of Labour and Employment has released new employment guidelines to solve issues in Contract Staffing/Outsourcing Non-Permanent Workers in Banks, Insurance and Financial Institutions.

The guideline is tagged, “Labour administration issues in contract staffing/outsourcing non-permanent workers in banks, insurance and financial sector, " unveiled at the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) national secretariat in Lagos on Friday.

Oyinkan Olasanoye, president of ASSBIFI, told journalists that the Guidelines were signed into law on September 8 by Chris Ngige, Minister of Labour and Employment.

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Benefits of the new employment guidelines

According to Olasanoye, the newly approved employment guideline will curb fraudulent practices and sanitise the financial sector.

Others, he added, are trade dispute resolution procedures, disciplinary procedures, compliance with standards and labour requirements and exit procedures and benefits for the workers.

Olasanoye also stated:

"Employment guidelines will improve job satisfaction and staff performance, reduce incidences of frauds traceable to discontented casual workers in the financial sector and generally reduce exploitation and other unfair labour practices capable of escalating industrial conflicts and crises in the workplace.

"Also, it will regulate conditions of employment and standardize non-permanent employment, especially in the areas of career progression, salaries and wages, disciplinary measures, health and safety, corporate performance and productivity."

Hopes come for contract staff

The Vanguard reports that the President of ASSBIFI also revealed that the guideline has features such as entry requirement and minimum pay for non-permanent or contract employees, career path and development, and also the right to unionise and collective bargaining.

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GT, Zenith head the List of Nigerian Banks with best-paid executives

Meanwhile, Legit.ng reported on how much Nigerian banks executive earned in a sector with the highest employers of labours in the country.

Chief Executive/Managing Directors are saddled with the responsibilities to ensure salaries are paid, and profits are made.

These enormous responsibilities also come with considerable executive compensation for their service, making them ostensibly the highest-ranking staff of the bank.

Source: Legit.ng