Momentum Metropolitan Namibia plan mass retrenchments

Momentum Metropolitan Namibia (MMN) has announced its intention to introduce retrenchments to save a targeted N$10 million per annum in employment costs. The announcement was made by MMN CEO Sakaria Nghikembua in a brief to employees this week."MMN Long Term Insurance or Life Business operations continue to face a scale challenge. This means that the expense base in the Life Business is high relative to the policy book. This has resulted in the business experiencing negative value of new business (VNB) for the past five years. Various measures have been implemented to reverse this situation," he said.The intervention would target a 10% reduction in the company&#039;s payroll."The targeted cost saving is 10% of our current payroll costs in the Life Business, which equates to N$10 million. The voluntary retrenchment offer is open to all employee levels in the Life Business, except for sales managers and salespeople in the Life Business, irrespective of the title of their roles. The retrenchment exercise will not apply to employees in the non-life businesses. In addition, the company retains the right to decline retrenchment applications from employees who may be considered critical to the operations of the business because of their skills or experience," he explained."MMN proposes that for all approved voluntary redundancies, the date of termination of employment shall be 30 September 2023 to allow for sufficient time to ensure compliance with all applicable statutory requirements in terms of the Labour Act," Nghikembua added.

Momentum Metropolitan Namibia plan mass retrenchments

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Namibian Sun 2025-06-18

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Momentum Metropolitan Namibia plan mass retrenchments

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Namibian Sun 2025-06-18

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