Exit pay of ex UT, Capital bank staff still unpaid

BY: Daily Graphic

Former employees of Ex- UT/Capital Bank have expressed disappointment at the manner in which their constant pleas for their exit package to be paid have fallen on deaf ears.

The employees, whose respective banks were liquidated on August 14, 2017, are yet to receive their exit package despite constant reminders and pleas to the relevant authorities.

A statement issued by the former workers numbering over 1,200 on January 3, 2019 said the assurance by the Minister of Finance, Mr Ken Ofori-Atta, on November 16, 2015 on the Morning Show of Accra-based Peace FM, Kokrookoo, that their exit pay would be paid by December 25 was welcoming but then till date, nothing has been paid.

The statement also added that the exit pay of the affected workers was about GH¢40 million which was negotiated by UNICOF and agreed with the Joint Receivers on November 13, 2017  and that was just 10 per cent of the over GH¢400m recovered from the assets of the defunct banks as per the Joint Receivers’ statement dated October 9, 2018.

Waiver of Staff loans

The former workers are also appealing for a waiver of loans that they received from their former employers during their period of engagement to meet various personal obligations.

As per the basic rules governing credit, the staff loans were taken for a specific tenure. However, these extraneous circumstances contrived to truncate the tenure and also deprived them of their livelihood.

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“In the unfortunate situation that the Joint Receivers deduct all outstanding loans of ex workers in bulk from our entitlements, we may still be left with nothing. We are thus also appealing for a waiver of those loans to give us enough room to start some ventures with our Exit Pay,” the statement added.


The group also appealed for a review of laws governing liquidation with specific focus on claims payment, explaining that in times of liquidation, the hardest hit are the employees since they are affected psychologically, socially, emotionally and financially and should be a priority in terms of payment of claims.

“We will also like to take advantage to call for support for employees of other banks facing uncertainties as a result of ongoing mergers and acquisitions. These moments of uncertainty can be extremely difficult, and we appeal that employee wellbeing and welfare are put at the front burner in these discussions since they are linked to the welfare of their immediate families, parents, extended family members and other dependents,” the statement explained.

They also called on the government and all stakeholders to intervene so their exit pay is given to them.