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Workers in the financial sector of the economy have tFGasked Federal Government on policy stability that will engender economic recovery from the effects of COVID- 19, as well build an economy of shared prosperity and sustainability.
President of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Oyinkan Olasanoye, said President Muhammad Buhari’s led federal government must as a matter of urgency carry out some bold reforms, robust fiscal and monetary policy actions to reduce the number of Nigerians who may be pushed into poverty and acts of criminality.
According to her, it is relevant to point out that the financing of the economic recovery by the federal government must not be at the expense and detriment of the workers and society.
She opined that the recovery strategy must build resilience and align people with the economy and complies with national and International Labour Standards, Laws, Treaties and Conventions.
She said, “To enhance recovery, we must build a social contract involving the tripartite, Government, Employers and Workers on how best to withstand the aftermath of the pandemic using the contract as a foundation.”
Speaking on the possibility of a job cut in the financial sector, Olasanoye said the union has met with the employers of labour and both have agreed not to lay off.
“We have met with the employers of labour and they have agreed with us that there will not be laid off.
“We know that there is no way that what is happening will not affect the financial sectors. So, what we agreed was that if they need to make any adjustments, then there may be a salary cut. But of course, that will come as the last option,” she said.
On the effect of Covid-19 in relation to the financial sector, Olasanoye said ‘the sector has lost trillions of Naira’.
“The sector lost trillions of Naira because most of the institutes took loans before the COVID-19 and as at the time they took loans, the exchange was not as high as it is today. So, the sector has lost a lot, but we are recovering. This is not the first time that this sector will face things like this. We will survive it,” she reassured.
