The Zambia Union of Financial and Allied Workers has accused Blue Financial Services of externalizing funds from Zambia as it plans to hastily exit the Zambian market.
ZUFIAW General Secretary Joyce Nonde-Simukoko has since called on the Bank of Zambia to closely watch the manner in which Blue Financial Services is externalizing funds.
“These people are busy closing down branches and laying off workers at will. Government should watch these people closely, we believe they are just shipping out money and will soon close shop,” Mrs Nonde-Simukoko said.
She said Blue Financial Services had initially intended to fire 58 workers but that the union refused and asked to negotiate.
“In the middle of the negotiations, these people surprisingly started sending redundancy letters to our members. They have already fired about 30 workers and closed some branch,” She said.
“What is sad is that all these redundancies are being done outside the law. These South African have no regard for local employment laws,” Mrs Nonde Simukoko explained.
She said ZUFIAW supports the recent pronouncement by Labour Minister Fackson Shamenda that non Zambians should never be engaged to handle human resources functions in Zambia.
“The happenings at Blue go to support what the Minister is saying. You have South African remote controlling all decision making processes from there and the Zambian local managers are toothless.”
Blue Financial Services has indicated to the unions that it will lay off around 60 workers due to increasing operational costs.
I thought they had given a notice of exit due to interest rate cap, or some other reasons, clearly. So why can’t they take out their money, if they are closing down, provided they pay their former employees their due? Why do they want to leave their money here, if they have decided to expand their lending businesses elsewhere? Donate it to, what is the name of this gril, as Sata said: ZUFIAW Nonde?
ZUFIAW should be concerned about how the intereset rate cap is affecting these institutions or whatever is causing them leave. If the sector is negatively afected then this should of concern to Zufiaw then sitting back and watching from the sidelines
Our labour laws are either messed up or our Govt is in a mess.. The workers are truly suffering lately, its as if there is a recession. Govt ought to resign, PERIOD..
The govt saved 2000 jobs at KCM. Give credit where it is due
blame bad govt policies and not the investors. worse things are still coming.
Good things are coming to our beloved country. You foreigners wishing Zambia ill will be shamed
Is it a crime to take ones money out of Zambia, close your business and fire all the workers?
These guys were busy externalising cash, the new PF policies of interest rate caps and forex externalisation monitoring coming into effect next month, these corrupt infestors are damn scared. If they want to close shop, there are laws and procedures to be followed. All the employees have to be paid redundancy packages.
For sure let them follow rules and regulations. Not doing things in a reckless manner. Please check them tightly so that they should not sneak out.
Peace and Prosperity to Mother Zambia.