Opinion: How Not To Prevent Businesses From Furloughing Staff, By Uddin Ifeanyi
When, recently, footage of the chief executive officer of one of the leading banks in the country apparently making the case for his business to let go of some of its staff made the social media rounds, few of those who responded bothered about the provenance of the material. It did not matter that the conversation was for internal purpose. Instead, it quickly morphed into a moral dilemma. And as with most matters moral, the gist was in how the stories were spun.
Did it make sense, therefore, that the central bank then promptly stepped in to remedy the situation? That it imposed a ban on banks’ restructuring their workforce without first consulting it? No! And the failure here is two-fold. First, the way we structure incentives locally remains a major let to economic efficiency. A careful analysis of schemes like the U.S.’s paycheque protection programme indicates that it does not forbid businesses from laying off staff.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ATP tour chief not ruling out 2020 return – Daily TrustDespite the growing possibility of a total wipeout of professional tennis this year due to the coronavirus pandemic, ATP Tour chief Andrea Gaudenzi is refusing to give up on 2020 just yet. The tennis season was suspended in early March due to the Covid-19 outbreak, and the hiatus will continue at least until mid-July. Wimbledon …
Read more »
How NOT to wear a face mask – Daily TrustYou’ll start to see more and more people wearing face masks in public. So what’s the right way to wear them? Wearing a mask alone is never enough to protect a person from getting infected or spreading COVID-19. However, it complements measures such as hand hygiene and physical distancing which are critical in preventing the …
Read more »
Manchester United not happy with De GeaManchester United are not happy with the performance of their first-choice goalkeeper, David de Gea. This claim was made by respected football expert and journalist, Duncan Castles. According to Castles, Man United believe they made a huge mistake by signing a lucrative long-term contract last year with De Gea and would be glad to offload
Read more »
'Orji Uzor deserves apology from EFCC not retrial' - The NationThe Enugu State chapter of the All progressive congress (APC) said the former Abia State governor, Orji Uzor Kalu “deserves an apology...
Read more »
Bauchi: Only 30, not 300 died in Azare – Bala MohammedBauchi State Governor, Bala Abdulkadir Mohammed, has debunked an online media report that there have been massive deaths of 300 people in Azare, the headquarters of Katagum Local Government within the last seven days. Briefing newsmen yesterday evening in the Banquet Hall of the government house in Bauchi, Bala said that, 'We don't have incident
Read more »
We’ve not received any COVID-19 local herbal sample – Adeyeye, NAFDAC DGIn this interview with ENIOLA AKINKUOTU, the Director-General, National Agency for Food and Drug Administration and Control, Prof Moji Adeyeye, talks about the role of NAFDAC in the fight against C...
Read more »