National Industrial Court sitting in Ibadan has ordered Union Bank of Nigeria Plc to pay sixty two retirees two hundred and forty million, six hundred and thirty five thousand, seven hundred and eight two naira, forty six kobo being the outstanding balance of their redundancy benefits.
Delivering the judgment, Justice Hassan Yakubu said the affected retirees of the commercial bank who were retired during a redundancy exercise in 2006 to 2008 were not paid their full redundancy benefits.
He said the bank should have used the parameter set out in the collective agreement between the claimants, Nigeria Employers Association of Banks, Insurance and Allied Institutions, NEABIAI and Association of Senior Staff of Bank, Insurance and Financial Institution, ASSBIFI to pay the redundancy benefits.
Justice Yakubu therefore declared as illegal unfair, null and void the action of the bank to pay part of the redundancy benefits to the affected retirees and not the total amount calculated in line with their condition of service.
The court thereby ordered Union Bank of Nigeria Plc to pay the affected retirees the redundancy benefits owed them after the part payment of December 31st, 2018 and December 31st, 2019 and also pay two other affected retirees who did not benefit from the part payment their full redundancy benefits.
