Abuja - Due to the economic crisis facing Nigeria with the country entering into a recession, most money deposit banks and insurance firms have slashed workers' salaries by between 20 to 50%, Punch reports.
Numerous banks such as, Diamond Bank, Heritage Bank, Zenith Bank, First Bank and Wema Bank have reduced employee salaries as of August 31 2016.
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The banks claimed to have made this decision due to workers' inability to meet deposit targets, which have become unreasonably high recently.
Many insurance firms, due to the economic climate, have increased the targets for their marketing firms' department with threats being made that they would not get paid if they failed to reach their newly adjusted targets.
Workers have left their employment in droves with many making alternate plans such as leaving the country to avoid facing the economic consequences of getting the sack by their employers.
For more on this story, visit Punch.
- News 24