HomeBusinessKingdom Bank, staff agree on retrenchment

Kingdom Bank, staff agree on retrenchment


Godfrey Marawanyika

KINGDOM Financial Holdings Ltd (Kingdom) has reached an amicableagreement with its workers’ represe-ntatives to part ways with 110 employees.



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The workers will now be retrenched.



The agreement comes after a meeting was held on Monday between the affected employees and their representatives.


Last week Kingdom said it was shedding jobs to realign operations.

Sources within the group and workers’ committee said there were no problems when the affected employees met on Monday to discuss their retrenchment offers.


Before Monday’s meeting the works council had written a memo on March 2 to all members of staff in which it advised them that in case there was no agreement the matter was going to be referred to government.


“It should be noted that the works council, in a retrenchment exercise, works as a mediator or facilitator between the employer and employees to be retrenched. It should act as an independent body which endeavours to make the parties (employees to be retrenched and employer) come to a mutually beneficial agreement,” the memo said.


“If there is no agreement reached between the employer and employees to be retrenched (or their representatives) within 30 days from date of notification of retrenchment the matter shall be referred to the retrenchment board which shall then recommend to the Minister of Public Service, Labour and Social Welfare whether or not the retrenchment should be permitted.”


Efforts to get a comment from management were unsuccessful as both the chief executive officer Lysias Sibanda and Kingdom Bank managing director Mark Wood were said to be out of the office.


However last week Sibanda, who confirmed the retrenchments, said some individuals who would fall victim to the job evaluation exercise would come from the banking hall.

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