The Congress of South African Trade Unions (COSATU) says it will oppose African Bank’s proposed retrenchments, warning that South Africa cannot afford to lose more jobs.
This after the bank announced that it has begun formal consultations with finance union, South African Society of Bank Officials (SASBO).
It says the consultations are over a restructuring process that could see the closure of 90 branches and the cutting of 1 200 jobs.
The bank its aim is to cut costs and improve operational efficiency.
The labour federation’s national spokesperson, Zanele Sabela says, “I mean we all know our unemployment rate is sitting at 43.7% currently. We just can’t lose any jobs and so as COSATU, we will do our utmost to support our affiliates, SASBO to make sure that those jobs are saved. On average, one job supports about seven people and so when you look at that, you see how devastating it will be to lose those 1 200 jobs and therefore, we cannot do that. We will not allow that happen.”
PODCAST | COSATU opposes African Bank retrenchment plans:
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