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Sunday Tribune reports that a jobs bloodbath is looming with two big corporations, one in the construction sector and the other in banking, poised to shed thousands of workers.
Construction giant Group Five was placed under business rescue last week, while Standard Bank announced it would close 91 branches and retrench about 1,200 workers. Sub-contractors in Durban who have worked with Group Five fear they will not get paid for work done around the province and that their businesses were now at risk. One Durban businessman said Group Five owed him R1.5million and other sub-contractors are apparently owed amounts ranging from R1m to R5m. Robert Ndlela of the Federation for Radical Economic Transformation (Fret) said Group Five’s financial challenges had led to the delay of major construction projects. “Our members are sub-contractors on many projects, but they are not working at the moment,” he lamented. Group Five said it was important to note the process was not a liquidation, but business rescue. At Standard Bank, employees are counting their days following the announcement of the closure of 91 branches across the country. Standard Bank spokesperson Ross Linstrom was unable to disclose which branches would be affected as they were still consulting staff. He added that some employees could be incorporated into other areas of the business.
- Read the full original report on the above by Siphelele Buthelezi, Kwanda Njoli & Lungani Zungu at Sunday Tribune
Get other news reports at the SA Labour News home page