JAMAICA NATIONAL Building Society announced yesterday that it is to make 49 members of staff redundant.
Earl Jarrett, the JNBS general manager, said the redundancies were a result of the implementation of the new "Phoenix" banking system and moves to centralise the operations of the building society, which meant that many jobs were no longer necessary.
This move means that five supervisory and 44 clerical staff, mainly located in its branch network, have lost their jobs.
In a news release from the company, Mr. Jarrett said that over the last several months, the JNBS had been in discussions with the trade unions on the separation process and policy.
As a result, a mutually-agreed settlement, which went beyond the provisions of the law, had been reached. He added that all employees had been undergoing change- management training since March in preparation for the restructuring.
JNBS recently said it had experienced a 12.8 per cent growth in its mortgage business and the implementation of its new JN Home Start Mortgage Plan.
