Universal Merchant Bank Workers receive GH₵84,388 when they resign

According to reports reaching us, all employees of Universal Merchant Bank, who applied for the voluntary exit scheme went home with a minimum amount of GH₵84,388 as compensation for loss of their employment.

A letter written to the affected workers and signed by the Director of Human Resource of the bank, Stephen Takyi Adeakye, said the payment was based on the length of service of the employee.

“For avoidance of doubt, the termination payment is based on the length of service multiplied by 1.5 months’ basic salary capped at 24 months basic, 15 per cent discount on all loans, one month in lieu ofnotice, and pro-rated 13th month salary as at September 30, 2014 against liabilities,” the letter, which was intercepted by Business Day explained.

The final exit date for the sacked employees, numbering about 100, was November 7, 2014. However, the final payment was done on Friday November 14, 2014.

The leaked letter warned the affected workers not to make any public statements or comments in any media regarding the circumstances leading to the termination of their employment.

“You will keep confidential the terms of this letter, all correspondence and discussions and the circumstances leading to the termination of your employment and not make any public or commitment in any media about the terms of and or in connection with this > letter,” the letter to the fired employees warned strongly.

The letter said the bank had l already engaged a renowned consulting firm, Messrs Pentax, to provide counseling to the affected workers as to how they can manage their lives after the voluntary exit.

It further stated that all affected employees who are 55 years and above will continue to receive a medical benefits for seven years under the bank’s medical facility.

In a related development, uniBank Ghana Limited, one of the leading indigenous banks in Ghana has also served notices to its employees to apply for a voluntary resignation scheme instituted by the bank or risk losing their employment.

The notices, according to sources close to the bank, was served last Wednesday .