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Company News of Monday, January 21, 2019
Source: citifmonline.com
2019-01-21
Workers have been recruiting for five months.
Former workers from the five consolidated banks, Unibank, Beige, Royal, Construction and sovereign banks, could be relieved as Citi Business News has brought together workers who can now access their Level 3 pension contributions and contingency funds.
The provident fund is a sum of money that the workers voluntarily contributed to a scheme run by private insurance companies.
"We were looking forward to that because my salary was not enough and that most of us have commitments and loans that we had to pay and that we have to pay," one Workers who resigned from the Consolidated Bank and who wants to remain anonymous said Citi Business News in an interview.
The approximately 3,000 workers at the five consolidated banks have seen their wages reduced and their allowances, including rent and clothing, also removed by the managers of the bank that currently runs their old businesses.
Workers have been engaged in a recruitment process for five months.
Previously, Beige workers had been fired. The others, as well as workers at Unibank, Royal, Construction and Sovereign banks, have pbaded tests and must go through a maintenance process as part of the recruitment process.
The current recruitment process includes the negotiation of new salaries and allowances.
However, redemption forms were sent to workers to claim their level 3 contributions
Under the buyback procedure, a withdrawal of all or part of the benefits accrued prior to the 10-year tax holiday may be subject to a 15% withholding tax to be paid to the Ghana Revenue Authority.
However, it is difficult to know when workers will receive their severance pay.
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