{"id":20330,"date":"2019-11-13T00:00:00","date_gmt":"2019-11-13T00:00:00","guid":{"rendered":"http:\/\/southafricajournal.com\/?guid=29188e369c7fc4e655549668d0224a27"},"modified":"2019-11-13T00:00:00","modified_gmt":"2019-11-13T00:00:00","slug":"south-african-airways-restructuring-to-affect-nearly-1000-workers","status":"publish","type":"post","link":"https:\/\/southafricajournal.com\/south-african-airways-restructuring-to-affect-nearly-1000-workers\/","title":{"rendered":"South African Airways restructuring to affect nearly 1,000 workers"},"content":{"rendered":"
PRETORIA, South Africa’s troubled state-owned airline announced a restructuring process that could affect 944 employees and lead to job losses.<\/P>
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South African Airways (SAA) is deep in debt and has been struggling despite several government bail outs.<\/P>
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Finance Minister Tito Mboweni announced in February that the government would reimburse the company’s 9.2-billion rand debt (around $620 million) over the next three years.<\/P>
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South African Airways has informed all its 5,146 employees that it is embarking on a restructuring process which may lead to job losses, SAA said in a statement.<\/P>
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It said the carrier faced numerous challenges including insufficient revenue, volatile fuel prices and mounting debt.<\/P>
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SAA CEO Zuks Ramasia said while it would be difficult to determine the scale of the restructuring, it is estimated that approximately 944 employees may be affected.<\/P>
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SAA’s previous CEO Dudu Myeni was recently accused of illegal practices and company mismanagement by a commission probing corruption under Zuma.<\/P>
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Myeni, who was removed from her position in 2017, has so far refused to appear in court.<\/P>
South Africa is struggling to get its state-owned companies back on track after nine years of corruption and mismanagement under former president Jacob Zuma.<\/P>
The country’s embattled power utility Eskom received a $1.6 billion-a-year bailout in February \ufffd partly to deal with maintenance issues and to stave off credit rating downgrades.<\/P>
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Source: Nam News Network<\/P>
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PRETORIA, South Africa’s troubled state-owned airline announced a restructuring process that could affect 944 employees and lead to job losses.South African Airways (SAA) is deep in debt and has been struggling despite several government bail outs.Fina…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n