Today's Labour News

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DenelBusinessLive reports that members of trade union Solidarity at struggling state-owned arms manufacturer Denel have rejected a proposal to cut their salaries by about 20% from the end of November.  

Denel is battling to stay afloat after reporting a R1.7bn loss for the 2017-2018 financial year.  It was late paying managers and specialists their full salaries earlier in 2018.  Solidarity, which represents about a quarter of Denel's workforce of 4,000 people, said in a statement that selling equity in Denel was the only way to save the company.  "Privatisation or partial privatisation of Denel is the only thing that will prevent the total collapse of Denel, not the proposed 20% savings on employees' salaries," Solidarity’s Johan Botha said.  Saudi Arabia recently approached SA about taking a stake in or inking partnership deals with Denel.  President Cyril Ramaphosa said last week that Denel was "ripe" for joint-venture partnerships, but that the government would want to retain control if any stake sale went ahead.


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