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Bloomberg reports that debt-stricken power utility Eskom has begun a process of offering voluntary severance packages to managers. The board has allocated a budget of R400 million to the plan, according to a document seen by Bloomberg.
Spokesman Sikonathi Mantshantsha declined to comment. Eskom has reduced jobs as it grapples with a R450 billion debt burden. Its headcount fell to 46,665 employees in 2019, about 4% lower than the previous year, but wider staff cuts have been resisted by labor unions. Staff levels remain close to what they were when a World Bank study in 2016 found that Eskom was potentially 66% overstaffed. The workforce has grown more than 23% in the past decade, even as the business has become loss-making and dependent on government bailouts. The voluntary packages will apparently be open for managers in non-core positions and those who are 60 to 62 years old, regardless of whether they’re in core, critical or non-core positions, according to the document. Applications will start in the third week of February, with the exits planned by the end of April, subject to Eskom’s discretion.
- Read the original of the above report by Paul Burkhardt at Moneyweb
- Read too, Eskom sets aside money for voluntary exits for staff, at BusinessLive
Get other news reports at the SA Labour News home page