@BusinessDaily

Ex-Barclays staff claim tricked into early retirement

4 months ago, 15 Aug 17:32

By: Sam Kiplagat

Former Barclays Bank of Kenya #ticker:BBK employees have moved to court accusing the lender of coercing and misleading them into agreeing to a voluntary retirement scheme.

The 80 ex-employees who retired between 2017 and this year further accused the bank of changing interest rates on their loans from staff to commercial rates, forcing them to dig deeper into their pockets to repay the debt.

“The change of the interest from staff to commercial rates left the claimants with loans that suddenly became expensive for the jobless ex-bankers, which offend the right to protection and the benefit of the law under Article 27 of the Constitution and the same is extremely harsh and unfair for senior ex-employees who cannot get employment easily,” states an affidavit filed in court.

Through Chigiti & Chigiti Advocates, the former bankers now want the Employment and Labour Relations Court to stop Barclays from charging the outstanding loans at commercial rates.

They also want the court to direct the bank to re-negotiate the voluntary exit schemes with full consultation, and “with the Labour Office within the due process dictates”.

The group includes members who worked for the lender for more than three decades in various capacities.

They accuse the lender of blocking their accounts and credit cards without notice after they accepted the retirement offer, crippling them economically and affecting their families. They also allege the bank forced them to surrender cars and/or clear all loans on very short notice.


Read More


Category: business news corporate

Suggested

15 hours ago, 18:05
@BusinessDaily - By: Patrick Alushula
Lobby sees revenue loopholes in treaties

East Africa Tax and Governance Network says double taxation agreements (DTAs) between Kenya and other countries come with little disclosure and may be exposing the country to tax leakages. ...

Category: business news opinion
15 hours ago, 18:05
@BusinessDaily - By: Charles Mwaniki
Treasury back in market for Sh14bn after initial bond flop

The Treasury is back in the market with a Sh13.8 billion tap sale for this month’s bond issue, after the initial sale was undersubscribed by 28 percent. ...

Category: business news opinion
16 hours ago, 16:20
@BusinessDaily - By: Kiragu Kariuki
LETTERS: Goat farming can help tackle food insecurity

Frequency in drought occurrence and climate change have constrained both agricultural and livestock production sectors exposing many households to food insecurity yearly. ...

Category: business news opinion
15 hours ago, 18:06
@BusinessDaily - By: Mwangi Muiruri
Nyandarua in Sh400m potato factory plan

Nyandarua County has set aside Sh400 million for construction of a potato value-addition plant at Shamata. Governor Francis Kimemia said the project will commence in January with a completion date of ...

Category: business news opinion
16 hours ago, 16:20
@BusinessDaily - By: Tom Mulwa,
MULWA: Time to plan for health needs after retirement

Life after retirement comes with special health-related challenges. ...

Category: business news opinion
16 hours ago, 16:20
@BusinessDaily - By: Jenny Lues
LUESBY: Banks need thorough regulation

My youngest son has a bunch of songs he trots out, each for the right moment. ...

Category: business news opinion

@BusinessDaily

Ex-Barclays staff claim tricked into early retirement

4 months ago, 15 Aug 17:32

By: Sam Kiplagat

Former Barclays Bank of Kenya #ticker:BBK employees have moved to court accusing the lender of coercing and misleading them into agreeing to a voluntary retirement scheme.

The 80 ex-employees who retired between 2017 and this year further accused the bank of changing interest rates on their loans from staff to commercial rates, forcing them to dig deeper into their pockets to repay the debt.

“The change of the interest from staff to commercial rates left the claimants with loans that suddenly became expensive for the jobless ex-bankers, which offend the right to protection and the benefit of the law under Article 27 of the Constitution and the same is extremely harsh and unfair for senior ex-employees who cannot get employment easily,” states an affidavit filed in court.

Through Chigiti & Chigiti Advocates, the former bankers now want the Employment and Labour Relations Court to stop Barclays from charging the outstanding loans at commercial rates.

They also want the court to direct the bank to re-negotiate the voluntary exit schemes with full consultation, and “with the Labour Office within the due process dictates”.

The group includes members who worked for the lender for more than three decades in various capacities.

They accuse the lender of blocking their accounts and credit cards without notice after they accepted the retirement offer, crippling them economically and affecting their families. They also allege the bank forced them to surrender cars and/or clear all loans on very short notice.


Read More

Category: business news corporate

Suggested

15 hours ago, 18:05
@BusinessDaily - By: Patrick Alushula
Lobby sees revenue loopholes in treaties

East Africa Tax and Governance Network says double taxation agreements (DTAs) between Kenya and other countries come with little disclosure and may be exposing the country to tax leakages. ...

Category: business news opinion
15 hours ago, 18:05
@BusinessDaily - By: Charles Mwaniki
Treasury back in market for Sh14bn after initial bond flop

The Treasury is back in the market with a Sh13.8 billion tap sale for this month’s bond issue, after the initial sale was undersubscribed by 28 percent. ...

Category: business news opinion
16 hours ago, 16:20
@BusinessDaily - By: Kiragu Kariuki
LETTERS: Goat farming can help tackle food insecurity

Frequency in drought occurrence and climate change have constrained both agricultural and livestock production sectors exposing many households to food insecurity yearly. ...

Category: business news opinion
15 hours ago, 18:06
@BusinessDaily - By: Mwangi Muiruri
Nyandarua in Sh400m potato factory plan

Nyandarua County has set aside Sh400 million for construction of a potato value-addition plant at Shamata. Governor Francis Kimemia said the project will commence in January with a completion date of ...

Category: business news opinion
16 hours ago, 16:20
@BusinessDaily - By: Tom Mulwa,
MULWA: Time to plan for health needs after retirement

Life after retirement comes with special health-related challenges. ...

Category: business news opinion
16 hours ago, 16:20
@BusinessDaily - By: Jenny Lues
LUESBY: Banks need thorough regulation

My youngest son has a bunch of songs he trots out, each for the right moment. ...

Category: business news opinion
Our App