retrench | SA Radio .com

Minister Pravin Gordhan’s stance at a board meeting of the bankrupt SA Airways has sent shock waves, the councilors as well as the shipping company’s worker are totally stunned by the so-called “business rescue position” that will be exercised without any delay.

The minister also confirmed in a statement that the board of the airlines has now adopted a resolution this cash strapped entity will be restructured, and that the government can no longer provide financial assistance.

Experts point out that this is the last effort to keep the state-owned entity standing(SOE), saying SAA’s life could drastically be shortened if they do not retrench about 1,000 redundant workers, and freezing salary adjustments for the next two years.

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SA’s poor economic situation led to Pres. Cyril Ramaphosa also caught up with, like many other farmers in the country and is now forced to retrench some of his workers.

Ramaphosa, who farms with Ankole cattle on his farm Ntaba Nyoni Estate near Badplaas in Mpumalanga, is the largest ankole breeder in SA as well as chairman of the Ankole Cattle Society. The cattle are specially imported from Uganda and are especially sought after for their graceful long horns. The president also breeds with boran cattle, a Kenyan beef breed, and bonsmaras.

Ben Molotsi, the farm’s operations manager, confirmed on Wednesday that a clean business decision after Rampahosa laid off 22 of its 46 workers. He says Ramaphosa visited the farm last month and himself conveyed the message of the retrenchments to the workers. Molotsi said the retrenchment packages include financial aid to attend skills development courses.

Earlier this year, Ntaba Nyoni employees bought a boran stud bull for
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Posts tagged with 'retrench'

SAA’S business rescue position – Bankrupt SOE will be restructured,no further bailouts to be handed out – Are their wings finally cut?

Farmer Cyril is also affected by poor economic conditions – 22 of his 46 workers are laid off