Job cuts at NBS and National Bank.

In a circular on 25 February the national bank has invited voluntary retrenchment letters from its staff.

The banks claims that it intends to reduce its operating expenses and staff costs.

The staff have been given up to to March as last day for their letters of end job.

According to the circular, the employees who will have their applications for voluntary retirement approved stand to get terminal benefits that will include severance allowance, notice pay, leave pay for accrued days, salary arrears for the applicable months of 2019 and a 40 percent lump sum from the pension scheme if one has clocked 60 years of age or has continuously worked for the bank for at least 20 years.

The bank has not disclosed how many of its employees it would like to go.

Meanwhile about 38 staffs at NBS bank are to loose their jobs following the closure of some service centres in the country.

The five branches at kamuzu international airport, Chitipa, Riverside, Neno and in Ntchisi will close this month.

Officials at the bank told AihNews that NBS has for the past fours years making losses and that the strategic move is likely to minimise costs and realize profits in near future.

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