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News24Wire reports that according to the Banking Association of SA, SA’s six largest banks had 152,441 employees in 2018, some 4,000 more than the 148,500 employees in 2015.
“Given the strong growth in smaller banks and financial technology companies, the financial system in total remains a growing employer,” the association said in a statement. In addition to SA’s established banks, there are three new competitors on the market – Tyme, Bank Zero and Discovery – with the reestablished African Bank also taking off. They are all high-tech banks with fewer branches and staff than the older generation institutions. The planned strike on Friday against job losses is being organised by finance union Sasbo, which claims to have 50,000 members. The banks, meanwhile, will on Wednesday try to interdict the planned mass action on a technicality. Sasbo issued its socio-economic strike notice in 2017, but is only now executing it. Lobby group Business Unity SA, representing the big banks, argues that the notice is now invalid. Sasbo, affiliated to trade union federation Cosatu, has planned the strike to protest the fact that many big banks have issued restructuring or retrenchment notices. According to Sasbo, the banking sector can, among other measures, avoid job losses through attrition, redeployment and incentivised retrenchment and retirement packages.
- Read the full original of the report in the above regard at Engineering News
- Read too, Sars says while banking strike 'unlikely', contingency plans are in place, at Fin24
Get other news reports at the SA Labour News home page