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Ex-NBK staff lose appeal on pay for job cuts

The Nyeri branch of National Bank of Kenya. file photo | nmg
The Nyeri branch of National Bank of Kenya. file photo | nmg 

National Bank of Kenya (NBK) #ticker:NBK has obtained a reprieve after the Court of Appeal overturned an earlier ruling that awarded 104 of its former employees close to Sh1 billion as compensation for unfavourable terms when they accepted to take voluntary early retirement.

Judges Alnashir Visram, Wanjiru Karanja and Martha Koome have ruled that they found no evidence showing that NBK officials coerced the 104 employees to accept the terms of voluntary early retirement package that the lender had offered them.

The judges said the former employees had agreed to the early retirement terms, and that some had even managed to renegotiate their deals which was a proof of consent from both parties to the process.

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