Amidst the backlash following the announcement of mass retirements at the Central Bank of Nigeria, CBN, the apex bank has assured that no one will be compelled to retire.

This comes after the House of Representatives, on Tuesday, directed the apex bank to suspend the retirement of 1,000 staff and the associated payoff scheme until an investigation is completed.

The bank clarified that the newly introduced Early Exit Package, EEP, is completely voluntary and carries no negative consequences for eligible employees.

The Acting Director of Corporate Communications, Hakama Ali, stated that the decision to implement the EEP was made after extensive consultations with the Bank’s Joint Consultative Council, JCC.

Ali emphasized that this decision also reflects the interests of the staff.

“The Early Exit Package, a policy that has historically been extended to executive staff, has now been made available to personnel across all levels of the Bank,” she said.

The bank also mentioned that the EEP was introduced in response to requests from staff representatives via the JCC, who advocated for the package to be expanded to include all employees.

“This is an internal corporate matter intended to enhance opportunities for our staff,” Ali added.

Mass retirement is voluntary, not forced – CBN