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BL Premium reports that he SA Post Office’s (Sapo’s) business rescue practitioners (BRPs) have begun sending out 4,700 retrenchment letters to staff who will lose their jobs.
The job cuts are less than the 6,000 initially planned after consultation with unions at the CCMA that started in January and was completed on 22 March. Sapo will be left with 6,383 staff, down from 11,083. Staff will be paid a total retrenchment package worth R600m in four tranches over eight months. Most of this is from the R2.4bn in funding that the Treasury gave the BRPs in 2023. However, the practitioners are short of some of the money for the last tranches of the payments. They requested an additional R3.8bn in funding last November to revitalise the Post Office and modernise its equipment, vehicles and software, but this was not provided for in the February budget. Talks with the Treasury are continuing. BRP Anoosh Rooplal said the conclusion of the retrenchment payments was dependent on receiving a part of the R3.8bn in funding from the Treasury. Without it, he indicated, the plan to rescue the business would be at risk. Deputy communication minister Mohlopi Mapulane told the parliamentary portfolio committee on communications last week that talks between his department and the Treasury were continuing.
- Read the full original of the report in the above regard by Katharine Child at BusinessLive (subscriber access only)
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