The Central Bank of Nigeria (CBN) is set to retire about 1,000 workers before the end of the year.

It was gathered that the retirement would gulp over N50 billion in payoff to the affected CBN officials.

The CBN, in a circular released three weeks ago, a copy sighted on Sunday, December 1, said the application for Early Exit Package (EPP) was open to all cadres of staff and will close by Saturday, December 7, 2024.

Exempted are those yet to be confirmed or who have served less than one year “as of the date of publication with the effective date of exit set at 31 December 2024.”

In what it described as a strategic realignment of its workforce, the CBN’s Board of Governors, led by Olayemi Cardoso, had expressed commitment to reducing the workforce.

In the last 10 months, the CBN had disengaged many of its employees, including 17 directors, who served under the immediate past governor, Godwin Emefiele.

Those 17 directors are yet to be replaced.

Some CBN officials however disclosed that the apex bank was targeting the retirement of over 1,000 staff members.

The officials, who pleaded anonymity, told Daily Trust that at least 860 staff from the various departments have already applied for the EPP.

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The management described the EEP as a voluntary programme offering eligible employees an incentive to exit the CBN early, “while providing employees seeking other career options a great opportunity for early exit”.

It stated that the officials could not change their minds after applying, saying that all completed and submitted applications are final.

The EEP said financial incentives for senior supervisors to deputy managers shall be for the remaining period in service, up to a maximum of 60 months of current grade’s gross annual emoluments.

It also noted that financial incentives for managers shall be for the remaining period in service, up to a maximum of 36 months of current grade’s gross annual emoluments.

“Financial incentives for all other cadres of staff shall be for the remaining period in service, up to a maximum of 18 months of current grade gross annual emoluments,” it added.

The EEP also provides for non-financial incentives, including “financial planning and entrepreneurial capacity building programme, purchase of laptops in line with the Bank’s current policy and extended medical care for an additional three months for self and dependents after the expiration of the three-month current provision of access to medical windows care by exited employees.”

The Star