Ghana- Contract of UT Bank and Capital bank workers terminated

Pricewaterhouse Coopers (PwC) has commenced issuing letters to staff of former UT and Capital Banks. PwC is undertaking this exercise in its capacity as the receiver of the purchase and assumption agreement between GCB Bank and the two defunct banks. Information available to Citi Business News indicates that the letters are being served to all employees of the two affected banks.

This is expected to affect about one thousand workers both of former UT and Capital banks. According to PwC, any claim of the workers in terms of salary arrears, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930).

“Your contract of employment with UT has been terminated as a result of the receivership effective 14 August 2017. Any claim you have against UT such as arrears of salaries, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930)”, portions of the letter stated.

Meanwhile PwC says it will engage with the necessary workers’ Union or representatives in the provision of what is due the workers. But the payment of part or all of the amounts due the workers will be dependent on the timing and level of realization of the two bank’s assets. The Managing Director of GCB Bank, Ray Sowah in an earlier interview with Citi Business News said his outfit will absorb some of the workers.

Mr. Sowah however explained that would be achieved after a skills assessment.

“We shall conduct a skills assessment as part of integration process we need to know that we can bring everyone onboard or not. This is an expanded institution and as we go through the integration we should know what jobs to close down and what jobs to retain,” he remarked.

–Credit: Citifm Business News

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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