Job cuts at South African state firms gather pace as unions balk
JOHANNESBURG – South Africa’s post office is cutting several hundred jobs, the second state-owned company in as many days to detail plans to lay off workers as the government looks to slash its wage bill.
Finance Minister Tito Mboweni signaled last month he’s intent on lowering the government’s payroll costs, which consume 35% of national spending.
The cuts are part of a plan to defend the nation’s last remaining investment-grade credit rating, which has a negative outlook.
Source: iol.co.za