NATWEST is reducing at 550 jobs because the pandemic continues to hit the banking sector.
The banking chain is providing voluntary redundancy – and says it wants to chop 550 full-time roles, in response to union Unite.
The banking chain is reducing jobs because of the affect of Covid-19Credit score: Alamy
Anticipated mortgage losses because of the COVID-19 pandemic have been blamed for the cost-cutting transfer.
A NatWest spokesman confirmed the redundancy course of.
They mentioned: “We have now taken the choice to ask functions for voluntary redundancy and can assist these colleagues who apply with a complete assist bundle.
“There will probably be no obligatory redundancy because of this announcement.”
A few of the roles in line for this embody Department Managers, Premier Banking Managers and Private Bankers.
That quantity is predicted to shoot as much as round 800 employees as soon as part-time employees are added in.
What are my redundancy rights?
BEFORE making you unemployed, your employer ought to nonetheless perform a good redundancy course of.
You’re entitled to be consulted on the redundancy lay-off first and to obtain a statutory redundancy cost, so long as you’ve got been working someplace for not less than two years.
How a lot you are entitled to relies on your age and size of service, though that is capped at 20 years. You will get:
- Half every week’s pay for every full yr you have been below 22,
- One week’s pay for every full yr you have been 22 or older, however below 41,
- One and half week’s pay for every full yr you have been 41 or older.
Sadly, you will not be entitled to a payout in the event you’ve been working to your employer for fewer than two years.
There must be a interval of collective session in addition to time for particular person ones in case your employer desires to make 20 or extra staff redundant inside 90 days or one another.
You’re additionally entitled to enchantment the choice by claiming unfair dismissal inside three months of being let go.
Unite nationwide officer Rob MacGregor mentioned he understood the redundancy spherical was oversubscribed.
The banking chain, which has over 960 branches and 3,400 money machines within the UK, can also be closing its Regent Home workplace in north London. The premises had area for two,500 employees.
“We have now been reviewing our London property technique to raised replicate how we are going to work sooner or later,” a NatWest spokeswoman mentioned.
“In consequence, we are going to exit Regents Home, and can reconfigure our London remaining properties at 250 Bishopsgate and 440 Strand.”
Job losses since June 2020
MANY corporations have introduced job cuts since June because of the coronavirus lockdown. These embody:
- Shoe chain Aldo collapsed into administration with 5 shops completely closed
- Victoria’s Secret plunged into administration, placing 800 jobs in danger
- Vogue chain Quiz put its store enterprise into administration in , placing 82 shops in danger
- British Gasoline homeowners cuts 5,000 jobs, over half of which will probably be in administration
- Airbus proclaims 1,700 job losses. It expects cuts to be made by summer season 2021
- TM Lewin says it should shut all 66 of its UK outlets, placing 600 jobs in danger
- Harveys Furniture goes into administration leading to 240 immdiate job losses and places one other 1,000 in danger
- Upper Crust plans to make 5,000 out of its 9,000-strong workforce redundant
- EasyJet says it plans to shut hubs at Stansted, Southend and Newcastle, placing 4,500 jobs in danger
- John Lewis is reported to be planning to chop jobs and completely shut malls
- Harrods has mentioned it’s consulting on reducing 680 jobs
- Virgin Cash, which owns Clydesdale and Yorkshire Financial institution, will lower 300 jobs
- Topshop proprietor Arcadia has introduced plans to chop 500 workplace employees
- Royal Mail is predicted to chop 2,000 jobs because of coronavirus
The financial institution has advised the majority of its employees they will do business from home till subsequent yr.
NatWest chief govt Alison Rose reaffirmed the financial institution’s goal of reducing 250 million kilos from prices this yr in July after the financial institution tumbled to a half-year loss.
Unite’s Rob MacGregor mentioned: “Tens of 1000’s of individuals working for banks have risen to the problem that the pandemic created. The banks’ response shouldn’t be a repeat of the austerity measures that we noticed after the monetary disaster.”
The UK has formally gone into recession, it has been introduced, after the economic system shrunk by a file 20.4 per cent in simply three months.
It is the primary time since the financial crisis 11 years ago.
Yesterday, Debenhams introduced deliberate job cuts of two,500 because the division retailer chain battles to outlive on the UK excessive avenue.