Top Kenyan bank to sack hundreds of employees

The bank joins a list of 9 other lenders who have laid off over 2,000 workers in the past few months

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Hundreds of staff members at Barclays Bank of Kenya will end up jobless as the laying off of workers across various sectors in the economy continues.

Barclays Kenya has joined a list of other lenders to fire its employees in an exercise targeting at least 300 employees.

The bank, in contrast, said that it was rolling out a Voluntary Exit Scheme that is open to all permanent employees but said it will only affect 130 employees.

Close sources however stated that the exercise could see 300 employees lose their jobs with word having it that about 76 employees had already filed their application just hours after the announcement.

The lender says it has been forced to lay off some employees since it ‘has been operating in an increasingly challenging environment’ that has forced it ‘to adapt to the prevailing market circumstances.”

Staff members have been given two weeks to apply for the voluntary exit scheme. The package includes a one-month basic pay in lieu of notice, an exit pay calculated at one month basic pay for every year completed but subject to a maximum of 24 months. It will also offer employees medical cover until the end of the year.

Most of those expected to be affected are staff in operations department and the head office.

Barclays Bank now joins a list pf other lenders that have sent over 2,000 employees packing citing the coming into force of new legislation capping interest rates.

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