This is contained in a statement signed by the Minister of Labour and Employment, Chris Ngige, and made available to newsmen in Abuja.
The statement said that the decision was further predicated on the fact that the continued retrenchment and redundancy by the sector were jeopardizing the outcome of the re-conciliatory and mediatory processes undertaken by the ministry.
``In this wise, all the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold.
``Pending the outcome of the proposed stakeholders’ summit for the banking, insurance and financial institutions’ employers and employees, slated for the first week of July 2,’’ the statement read in part.
However, Ngige advised all parties in the interest of industrial peace and harmony to maintain the status-quo ante-belum.