By Austin Johnny
Many Sierra Leoneans are deeply concerned about the current transition facing Union Trust Bank (UTB). Beyond the official statements, we must remember the human element: the workers, families, and customers whose lives are in the balance.
As a nation, should we not do more to protect the indigenous institutions that provide jobs for our people? When a local bank faces a crisis, shouldn’t there be a more robust effort to preserve its identity? Now, as changes take effect, reports suggest many workers may soon lose their positions. These are the breadwinners, mothers, and fathers trying to navigate an already difficult economy.
For these employees, this isn’t just a job loss; it is about years of loyalty and sacrifice. They have built this institution with pride. Now, their primary concern is simple: After years of service, what will they be left with?
As Rokel Commercial Bank (RCB) prepares to take over, we must be clear: workers’ benefits cannot be ignored. Every staff member is looking for a fair settlement on these critical points:
1. Redundancy Payment and Service Pay (Severance)
This is the compensation for years of dedicated service to UTB. Whether a staff member is moving to the new bank or not, their past years were served under UTB, and that chapter must be closed with the proper financial acknowledgment of their labor.
2. Rent and Leave Allowances
Workers are entitled to their rent allowance for the current period, as well as their earned leave allowance. These are not bonuses; they are contractual obligations that staff rely on to maintain their households.
3. Payment in Lieu of Notice.
Given the sudden nature of these changes, staff must be compensated “in lieu of notice.” If the transition happens faster than the legal notice period, the workers should not be the ones to suffer financially.
4. Pension, Savings, and Outstanding Benefits
This includes the protection of future retirement funds (social security) and any other pending gratuities or medical benefits. These funds represent a worker’s lifeline for the future.
Who Is Responsible for Payment?
It is important to understand the mechanics of this transition: Rokel Commercial Bank (RCB) is NOT the entity responsible for paying these legacy benefits to UTB staff.
The responsibility lies squarely with the regulator. The Bank of Sierra Leone (BSL) must step in to ensure that these hardworking Sierra Leoneans are not cheated. The BSL must guarantee that every staff member receives their full entitlements redundancy, rent, leave, and notice pay accordingly.
Fairness must be the priority. We cannot call for a stronger financial sector while leaving the very people who built it in the cold. It is time for the Bank of Sierra Leone to stand up for the workers. Payments MUST be made accordingly before the crossover.
