Are there any job retrenchments in South Africa?
Are there any job retrenchments in South Africa?
Construction giant Group Five announced that it has budgeted R233 million for additional retrenchments in 2019 after retrenching 1,000 employees in 2018. It filed for bankruptcy protection and said that a fire sale of some of its assets was the only option for survival.
How many employees are affected by ABSA retrenchment?
Absa said it was restructuring its South African retail and business banking unit, which will affect 827 employees. Absa refrained from calling it a retrenchment process, but rather said it will try to improve efficiencies which will create “both new opportunities and redundancies across the business”.
Why did Multichoice retrench 2, 000 employees in South Africa?
Despite posting a strong profit of R7 billion, Multichoice said it will retrench 2,000 employees at its call centres and walk-in services. This as the entertainment company is restructuring its business model to keep up with changing trends, competition from internet streaming providers such as Netflix and demands of its customers.
How many people have been retrenched in South Africa?
Mining conglomerate Sibanye-Stillwater said 3,000 employees will be retrenched due to ongoing financial losses at its Beatrix 1 shaft in Free State and Driefontein in Gauteng. Sibanye-Stillwater in January said more than 6,000 employees will be retrenched, but the number declined after a section 189 process.
How long does a company have to give you notice of retrenchment?
If someone has worked for less than six months, it would be one week’s notice pay. If the employee has been at the company for more than six months, but less than one year, they are entitled to 2 weeks’ notice pay. For an employment period of more than a year, the notice pay period will be four weeks.
What should I know about the retrenchment process?
The payment package: Severance pay, other amounts, and how they are calculated. Being informed about the amount potentially owed to you as a result of being retrenched is vital, as it can provide some kind of financial buffer and much-needed peace of mind while you look for other work.
Construction giant Group Five announced that it has budgeted R233 million for additional retrenchments in 2019 after retrenching 1,000 employees in 2018. It filed for bankruptcy protection and said that a fire sale of some of its assets was the only option for survival.
What does it mean when you get retrenched from a job?
A retrenchment is a form of dismissal from your job. It’s important to note that you are not being fired; meaning, this isn’t your fault.