The 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.
A meltdown at some of South Africa’s biggest state companies is intensifying, placing the nation’s finances at risk and frustrating President Cyril Ramaphosa’s efforts to attract new investment and resuscitate a moribund economy.
An exodus of CEOs during the economic downturn is becoming alarming, particularly as there are apparently so few ready replacements.
South African Airways CEO Vuyani Jarana has quit the financially stricken state-owned company, citing a lack of funding and drop in government support for the carrier’s turnaround plan.
Billions of rand in bailouts will flow to state-owned enterprises, including roads agency Sanral, the Post Office and South African Airways, national treasury said on Wednesday.