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BusinessLive reports that in a note to shareholders, Telkom advised that the cost of its restructuring process has come down by R300m from R1.5bn to about R1.2bn.
The fixed-line operator had planned to retrench 3,000 employees, but delayed the process because of the Covid-19 pandemic that has resulted in a national lockdown. Telkom, which started the first phase of its retrenchment process earlier in 2020, had previously said the job cuts were as a result of the technological shift to fibre and LTE as new sources of revenue. This had been “compounded by a rapid decline in our traditional high-margin, fixed-voice business, in line with global trends”. Telecoms companies have seen a rise in network activity since the start of the lockdown at the end of March.
- Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive
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