By Gitahi Ngunyi
South African headquartered financial services firm,Sanlam Kenya, has become the latest entrant in the growing list of companies in the country that are set to retrench workers to stay afloat as the Kenya’s economy totters towards full blown recession.
The firm announced earlier today that its board had approved the commencement of workers retrenchment as part of strategies to protect shareholder returns.
Dubbed the Voluntary Early Retirement (VER), the Sanlam retrenchment programme is primarily aimed at permanent and pensionable workers.
The firm said the programme will provide an opportunity for permanent and pensionable staff members to apply into the VER “as part of the company’s efforts to align its human resource base with prevailing business needs,” according to the press release from the firm.
Sanlam Kenya Group CEO, Dr. Patrick Tumbo said the retrenchment will be targeted at older employees in a campaign that will be implemented within eight days.
Sanlam is the second South African financial services multinatinational to retrench workers after Stanbic announced in July plans to retrench 200 workers from its Kenyan operations.
At the same time, Telkom Kenya has announced the retrenchment of more than 200 workers by year end.
Among the big corporates where retrenchment has happened include East Africa Breweries.
Dubbed the Voluntary Early Retirement (VER), the Sanlam retrenchment programme is primarily aimed at permanent and pensionable workers.
The firm said the programme will provide an opportunity for permanent and pensionable staff members to apply into the VER “as part of the company’s efforts to align its human resource base with prevailing business needs,” according to the press release from the firm.
Sanlam Kenya Group CEO, Dr. Patrick Tumbo said the retrenchment will be targeted at older employees in a campaign that will be implemented within eight days.
Sanlam is the second South African financial services multinatinational to retrench workers after Stanbic announced in July plans to retrench 200 workers from its Kenyan operations.
At the same time, Telkom Kenya has announced the retrenchment of more than 200 workers by year end.
Among the big corporates where retrenchment has happened include East Africa Breweries.