Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

africanbankCity Press reports that African Bank has reduced its staff complement by 636 full-time employees through a restructuring programme that commenced in May.  

The reduction was made up of 515 applications approved under a voluntary agreements offer, while normal staff turnover resulted in a further 121 positions being left open in a four-month period.  African Bank had a staff complement of 4,075, which has now been reduced to about 3,400.  The bank expects to save about R50 million a year as a result of the job cuts.  A once-off cost of about R60 million to settle the voluntary packages would be incurred.

  • Read this report by Justin Brown in full at City Press
  • See too, African Bank concludes voluntary severance and retirement packages process, at Business Report

Get other news reports at the SA Labour News home page