Stanbic bank Zambia has dismissed about 10 top management officials for no apparent reason, according to bank insiders.
The bank just decided to invoke the clause in the contracts of service that gives it the right to terminate the contract by giving three months notice but no reason.
But in this case, the employees were not given three moths notice so they were paid cash in lieu of (in place of) the three months notice.
The Watchdog understands that the affected workers will not get any benefits despite having worked for the bank, some for close to 20 years.
‘This means no benefits whatsoever. They are ‘only getting their savings (pensions). And most of them have worked over 20 years,’ a source told the Watchdog.
Among those fired are Jackline Mutale, Bona Kashingwa,Erick Nanguna ,Kashimbaya Chimakanta ,Chileshe kasula,Katendi, Mao Malambo and others.
The fired employees have also lost the bonuses that they were supposed to receive on 24th March 2015.
The employees were supposed to get their yearly performance based bonuses but since they are no longer employees, they have forfeited it.
‘As at yesterday, Finance department paid the dismissed their 3 months since it was in lieu of notice’, the source said.
Stanbic is a branch of South Africa’ Standard Bank.