Business News of Friday, 20 February 2015
Source: Citifmonline.com
There is currently heightened tension in ARB Apex Bank following a breakdown in salary negotiations between workers and management of the bank.
Workers of the bank yesterday wore red armbands and hanged red banners around the premises, warning management of a possible strike in the future if their concerns are not addressed.
The Apex workers union is demanding for a more than 20% increment in salaries while management is proposing a 10% increment.
According to the workers the worsening economic conditions including high inflation, high utility cost and last year’s more than 31.2% cedis depreciation against major trading currencies have affected their purchasing power.
The Board chairman of ARB Apex bank Nathaniel Arthur today February, 19th, 2015 called for a crisis meeting with management and leadership of Apex workers union to resolve the standoff.
An emergency board meeting has also been scheduled for Friday February 27,2015 to address the concerns of the workers after an inconclusive meeting today. Nathaniel Arthur speaking to Citi FM’s Rabiu Alhassan after the meeting said the board would investigate the concerns of the workers.
Workers of the bank have resolved to suspend the wearing of the red armed bands after an appeal from the board and management. But the workers are warning of a possible strike after February 27, if the board and management do not resolve the issues.
Operations of more than 130 rural banks across the country would grind to a halt if the situation degenerates into a strike.
ARB Apex bank is a “mini” central bank for the Rural and Community Banks under the supervision of the Bank of Ghana. Being a dedicated controlling bank, it ensures effective supervision of rural and community banks.