Banks’ full time staff decreases as contract workers take over

The number of full-time workers in the banking industry has been on the decline as contract employees have doubled in the past two years, rising from 20,237 to 46,235, investigation has revealed.

Figures obtained on Wednesday showed that the number of contract workers in the industry rose from 20,237 in the first quarter of 2017 to 32,013 at the end of Q1 2018. The figure, which hit 43,955 at the end of the secondquarter of 2018, further rose to 46,235 at the end of the first quarter of 2019, according to a report by the National Bureau of Statistics.

Despite the increase in the banks’ operations, the number of junior workers fell from 40,549 in the second quarter of 2018 to 39,980 in the second quarter of 2019, the report added. As banks embrace cheap labour as a way to cut costs, experts are worried that not many of the lenders are providing additional benefits for such contract employees such as pension savings, healthcare or insurance covers in case of death. Punch

Pix: Some Nigerian banks