Prevailing tough economic environment has forced Victoria Forex Bureau to lay off 120 employees, according to letters of job termination the bureau has written the affected staff.

According to the letters, the company said several of its kiosks are also earmarked for closure and that people working in the affected outlets are being retrenched.

One of the outlets of Victoria Forex Bureau

Reads the letter in part: “Victoria Forex Bureau is facing various different challenges due to the current economic situation in Malawi. Management, after engaging all the concerned employees running different kiosks, has decided to downsize by closing some kiosks with the aim of reducing expenses.

“This exercise has led to some employees to lose their employment through retrenchment.”

The employees have since been given one month notice pay.

However, some of the affected employees are protesting the retrenchment, saying they were not properly consulted on the matter and that they should get three months notice pay instead of one.

One of the affected employees, who spoke on condition of anonymity, said 120 employees have lost their jobs, adding the affected employees have engaged the Ministry of Labour and they also plan to take the matter to court.

The source indicated there are also issues of pension that the bureau needs to resolve.

Victoria Forex Bureau human resources manager Fairod Jeremiah did not pick up his phone when called several times for comment.

Malawi is currently struggling with high unemployment levels and economic challenges that have led to several companies laying off staff. The economic challenges have worsened due to Covid-19 which saw businesses failing to perform, and impacts of the Russian war on Ukraine.

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