The Central Bank of Nigeria (CBN) is set to retire approximately 1,000 employees as part of a strategic workforce realignment.
This move is driven by the need to streamline operations and reduce staff numbers under the leadership of the apex bank’s Governor, Olayemi Cardoso.
A severance package worth over N50 billion has been allocated for the exercise. The application for the Early Exit Package (EPP) is open to all cadres of staff and will close by Saturday, December 7. However, those yet to be confirmed or who have served less than one year are exempted from the program.
According to officials, the apex bank is targeting the retirement of over 1,000 staff members. As of Friday, at least 860 staff from various departments have already applied for the EPP. The management described the EPP as a voluntary program offering eligible employees an incentive to exit the CBN early.
The financial incentives for the EPP vary based on the staff member’s position. For senior supervisors to deputy managers, the incentive is up to 60 months of their current grade’s gross annual emoluments. For managers, it’s up to 36 months, and for all other cadres of staff, it’s up to 18 months.
A staff member who spoke to Daily Trust revealed that the package offered to them was between N92 million to N97 million. However, another staff member who has worked up to a manager level is only entitled to N64.5 million.
The Human Resources Department of the bank expressed the apex bank’s decision to get the number it was targeting for the EPP during a webinar held on Friday.
The atmosphere at the bank is reportedly tense, with many staff members expressing apprehension about the early retirement program.
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