It’s unfortunate that many companies are trimming off the number of their employees in an error where to get a job it’s a big challenge especially to the youths that have just graduated from various universities.
One of those trimming off their employees is The Opportunity International Bank of Malawi.
The Bank`s deputy CEO Benard Mkandawire has confirmed of the development saying a meeting will be held today where the employees will be briefed of the retrenchment process coming ahead of them.
“We will downsize the staff but I cannot certainly confirm the numbers now.’ Mkandawire said.
Face of Malawi has learnt that the trimming process could be as a result of the economic problems the country is currently going through coupled with frequent blackouts which negatively affected their clients.
Last year, the bank also retrenched over 70 employees.
Speaking on the economic problems Malawi is facing, finance Minister Goodall Gondwe said the economy is expected to pick up this year following the reduction of interest rates which should make the economy bounce back.
“The economy is expected to grow this year by 5.6 percent as opposed to last year`s growth by 2 to 3 percent.” Added Gondwe.