Today's Labour News

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newsNews24 reports that VBS Mutual Bank will be retrenching 94 employees, leaving the beleaguered bank with just 26 staff members made up of two general managers, admin staff and a collections team.  

The job cuts have been under discussion since July after VBS was placed under curatorship in March by the SA Reserve Bank.  In a statement released on Wednesday, curator Anoosh Rooplal said that the reduction in staff was a necessary step to reduce costs for the bank.  "In accordance with the [Labour Relations] Act the team engaged with the relevant union Sasbo (South African Society of Bank Officials), as well as non-unionised members through a chosen representative to proceed with the section 189A process," Rooplal said.  He indicated that he was working to conclude the retrenchment process.  The packages for the staff would include notice pay, severance pay and accumulated leave.  Eighty-three of the 94 staff were also eligible for a 13th cheque.  Notice end dates would vary depending on the length of time that the employee had worked for the bank, with the latest date being 12 November 2018.  Employment contracts have been finalised with the remaining 26 staff members

  • Read this report by Kyle Cowan in full at News24

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