As Nigeria helplessly plunges deeper into economic recessions, commercial banks have taken to cutting the salaries of workers as an option for an outright sack.
Reports making rounds on social media reveal Heritage Bank has cut the salaries of its staff by a staggering 50% due to the current cash crunch that has led to the massive loss of jobs, fall of the naira and biting inflation.
According to the news poster, the slashing of workers' salaries was effected through a circular since last month. Workers were given an option of resignation in the event of a disaffection with the new salary structure.
Heritage bank which is basically into commercial banking has been struggling to keep their books in check since the implementation of the Treasury Single Account.
Wema and Zenith Banks also cut their wage bill by 30% to keep their firms afloat ahead of a possible recovery of the Nigerian economy.