The current financial crisis rocking major companies and institutions is adversely affecting workers. In less than a month, thousands of workers have been retrenched and others sent on early retirements.
This month alone, Stanbic Bank, East African Portland Cement and East African Breweries (EABL) announced plans to lay off some of their employees.
Up to 200 employees of Stanbic Bank are facing layoffs under an early retirement scheme intended to cut payroll costs.
London-based brewer, Diageo, the parent company of East African Breweries (EABL), is retrenching more than 100 employees working at its business support centre in Nairobi.
While the East African Portland Cement (EAPCC) is set to lay off all its employees in a restructuring plan expected to save the company from further losses. There were also claims that Telkom was planning to send 575 staffs packing but the company refuted the claims.
The situation in the last financial was even worse. Finlay Flowers Company based in Kericho fired 1,700 employees, Nakumatt woes rendered 800 of its employees jobless the same also happened to Nestle company which was forced to get rid of 100 workers.
This trend is caused by unfavourable business conditions in Kenya.
Most companies find it hard to survive some due to high tax regimes forcing them to reduce the workforce while others choose to close down their doors completely.
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