A large number of Kenyans won’t be splurging on Christmas shopping, rather having to tighten their wallets as they survive on savings before they land their next job. Job losses have hit nearly all sectors of the economy from commercial banks to insurance firms, manufacturing to telecommunication firms. Among them was Air Afrik, which announced it would retrench 200 workers from Kenya and Sudan following massive losses. Andela, a young budding firm offering coding training and jobs also announced plans to let go of 175 of its junior trainees. In September, Stanbic Bank Kenya laid off 88 staff in an an early retirement scheme to cut payroll expenses in its future operations.

Source: The Star December 24, 2019 00:56 UTC