The Minister of Labour and Employment, Chris Ngige has directed banks, insurance and financial institutions to suspend the on-going retrenchment in the sector.
This is contained in a statement made available to the media in Abuja on Friday.
He said the directive must be complied with pending the outcome of the conciliatory meetings in the industry.
The Minister said that the decision was based on the fact that the continued retrenchment in the financial sector was jeopardising the outcome of the mediatory processes undertaken by the ministry.
“All the retrenchments and redundancies done in the last four months, and all proposed ones should be put on hold pending the outcome of the proposed stakeholders’ summit for the banking, insurance and financial institutions’ employers and employees, slated for the first week of July 2,’’ the statement read.