Stanbic bank Zambia limited has directed 120 workers to apply for voluntary separation, that is, to stop working.
When an employee goes into voluntary separation , they are entitled to a lump-some payment and there are clear labor laws that stipulates who qualify and how the payment should be calculated.
But Stanbic has no respect for any law and will scam even its own employees it has been using to scam depositors.
The Watchdog understands that Stanbic has come up with scheme which will see a banker who has been working for five years go home with K70, 000. Most will go away empty handed as they have loans with the bank. Now you what Stanbic operation when it comes to loans.
And there is no choice.
‘If employees don’t volunteer to separate,the bank will purse redundancies,’ the Watchdog has been informed.
Simply put, those who will not apply for ‘voluntary’ separation will be declared redundant, that is, no longer needed.
The package Stanbic is offering employees is (gross salary X 1.4 X number of years served).
The labour laws clearly state that package should be (gross salary X 2 X number of years served).
The average gross salary for workers at Stanbic is K10, 000.