OJK assures no mass layoffs in national banking sector

Jakarta (ANTARA) - The Financial Services Authority (OJK) has assured that the national banking sector remains stable and that there are no mass layoffs (PHK).

This follows recent workforce reductions at KB Bank. OJK’s Chief Executive of Banking Supervision, Dian Ediana Rae, stated that the layoffs were specific to KB Bank and part of the bank’s internal restructuring, rather than indicative of a wider trend.

“It is part of the bank’s internal restructuring. It is not a reflection of the national banking condition as a whole,” Dian said when met at the Parliament Complex in Senayan, Jakarta, on Wednesday.

Dian emphasised that the rationalisation of the workforce at KB Bank was carried out in accordance with the provisions of laws and regulations. This includes fulfilling workers’ rights and providing compensation for those laid off.

“It has been in accordance with the laws and regulations. Of course, there has been compensation and so forth,” Dian concluded.