Kenya: Jubilee Insurance to Lay Off Workers as the Business Splits

23 January 2020

Nairobi — Jubilee Insurance is set to lay off 52 of its 628 full-time workers ahead of the intended split of its medical and general insurance businesses.

In a statement, Group Chairman Nizar Juma says the move is intended to reduce redundancy and meet the operational needs of the new companies.

"The affected staff will be offered a full financial package in accordance with all applicable laws and in addition all the necessary support to ensure their smooth transition," said Juma.

"Each individual will be paid a salary up to the end of the month, any outstanding earned but unutilized leave days, one-month salary in lieu of notice, and severance pay of fifteen days for every year of completed service," read the statement.

The send home package for the fired employees will also have the company pay one month's salary and pro-rata severance pay for any partial year of service.

The layoffs come at a time when the company is in its final stages of separating into three entities, namely Jubilee Health Insurance Limited and Jubilee General Insurance Limited.

The exiting company will continue to operate the individual and group life insurance, pension and annuity businesses, and will be renamed to Jubilee Life Insurance Limited.

See What Everyone is Watching

More From: Capital FM

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.