banks

Contract staff of financial institutions to get an improved deal

The Federal Government has released Guidelines on Labour and Administration Issues in Contract Staffing/Outsourcing Non-Permanent Workers in Banks, Insurance, and Financial Institutions in Nigeria. 

What’s in the guideline?

After a decade of discussions and negotiations among stakeholders, the employment guidelines, which were signed into law on September 8, 2022, by the Minister of Labour and Employment, Chris Ngige, provide in clear terms industrial relations principles and key terms and conditions of employment to be observed by stakeholders in the Banks, Insurance, and Financial Institutions in respect of non-permanent workers. According to stakeholders, “the guidelines will bring a fresh breath of life to many in the sector, improve industrial relations, reduce the incidence of fraud and increase productivity”. 

What are the new terms? 

Some of the stakeholders who contributed to developing the guidelines said the guidelines contain improved terms of engagement for the contract/non-permanent staff in the industry including; entry requirements and minimum pay for non-permanent employees; career path and development; the right to unionize and collective bargaining; trade dispute resolution procedures; disciplinary procedure; compliance with standards and labour requirement; and exit procedure and benefits for the workers. 

Agencies that contributed to the development of the guidelines include the Central Bank of Nigeria (CBN), the Nigeria Employers’ Consultative Association (NECA), the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), and the National Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE). 

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