5 Mar 2008

Fifty workers at Fiji Development Bank will be without jobs by June

11:22 am on 5 March 2008

Fifty workers at the Fiji Development Bank will be without jobs by June as a result of a directive issued by the Ministry of Finance.

The directive includes a halt to corporate and housing loans.

The Fiji Times reports the number of job losses is expected to increase as the bank implements a 13-point restructure directive issued by interim Finance Minister, Mahendra Chaudhry.

Fiji Bank and Finance Sector Employees Union general secretary Pramod Rae said he had met with bank management to discuss the matter.

He said the directive meant that some workers would have no work and were in danger of being made redundant.

Mr Rae said the union could not see the rationale behind the directive to implement the changes by June.

The bank's former managing director Laisenia Qarase said the decision by the interim Finance Minister to move away from corporate lending was a bad one.