Posts tagged with 'salaries'

 

SAA crisis becomes ANC nightmare – No banking institution wants to borrow R2 billion for bankrupt government-controlled entity

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The competition to get SAA free will now begin, which the weakest state-controlled entity now has literally no value.

The government’s inability to live up to its promise and make another R2 billion available to SAA as the largest rescue buoy has now made the entity very shaky.

Salaries for January can still be paid, but after that it will struggle, and in the meantime Minister Tito Mboweni is trying to convince all the bankers in the country to borrow the R2 billion.

Approximately 12 flight routes were abolished, destroying thousands of people’s travel plans and those who were prepared had to be content to get on with Mango Shipping.

A week of complete chaos is over, but the outlook for this week is as bleak as it was last week.

According to press reports, it appears that many ANC members of parliament are in favor of liquidating the SAA to lighten the load on the state coffers.

Now, a new shipping company is co
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SAA’s wings cut – bankrupt SOE can only pay salaries in January

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The bankrupt, state-owned SAA airline company will manage to pay its staff salaries for January, but that’s where it all ends.

With a bankrupt government failing to fulfill its pledge to pump another R2bn into the soe, it looks as if SAL will not remain standing.

The airfreight company faces three serious problems, and the solutions to this are vague and unclear, as different measures could not create a better situation.

The SAA needs at least R2bn to get its planes up, but with the many cancellations it has had to announce, its passengers are becoming less and less and profitability is becoming almost impossible.

The government’s inability to borrow R2 billion from any banker in the country has failed, which is now seen as a vote of no confidence in the financial approaches the regime is following.

It can inflict a final blow.

The large number of workers who should never have been hired is another reason why the
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Pravin Gordhan says cash-strapped SAA may have no money for salaries this month

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Minister of Public Enterprises Pravin Gordhan has warned that, while two unions at SAA are demanding salary increases for members, the airline might not even be able to pay any salaries at the end of the month.

The minister was speaking at a Parliamentary briefing on Wednesday. The meeting was called for feedback on power utility Eskom, but Gordhan – who met with unions on Tuesday – also made some remarks about SA’s cash-strapped national airline.

The minister said the strike was worsening the airline’s financial crisis. “SAA doesn’t have enough cash to possibly even pay salaries at the end of the month,” he said. “Not only will people not get increases but they might not even get their salaries,” he added.

Members of the National Union of Metalworkers of SA and the SA Cabin Crew Association have been on strike since Friday over wages, proposed job cuts and the demand that more workers
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DSTV subscribers pay annually R54 million for senior officials’ salaries – yet programs are broadcast repeatedly and service is excessively expensive

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While the number of subscribers to DStv is declining in South Africa, the subscription fee increases annually to pay the high salaries of its senior officials.

Only a few of MultiChoice’s senior executives collectively earn more than R54 million a year.

The CEO, Calvo Mawela, receives R10.6 million a year and Tim Jacobs R8.4 million, but that does not include the many fringe benefits to which they are entitled.

What has not been taken into account are the stock options that the people are entitled to, which can amount to a fair amount.

A financial expert told Die Vryburger that partly explains why the TV packages of Multichoice are excessively expensive and the number of subscribers is declining.

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NASPERS (News24): An Elitist Multinational That Values Profits Before People. Selling Kith, Kin and Country for Higher Salaries

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Globalist Companies like Lego, Sony, Rolex and Walt Disney—they all allegedly strive to operate with honesty and integrity and they stand for things that matter to people around the world, virtue signalling inclusiveness, environmental sustainability and education. They have associated their companies issues and causes which makes their brand and reputation stronger because they are known to be doing the right thing.

The reputation economy—reputation is now the currency on which everything else will depend.
Many public relations experts talk about “active reputation management” to help salvage broken reputations.

When company actions go against the common good, we will increasingly see a backlash from consumers and society at large.

Naspers is doing its best to coax shareholders to its point of view and in so-doing risking their brand.

Do take the time to read the attached report and learn about the salaries received by CEO
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Taxpayers forks out R5.4 million for absent civil servants who are currently sitting at home and doing absolutely nothing

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Taxpayers have so far paid about R5.4 million on civil servants salaries who sit at home due to improper sickness or temporary disability leave in the past year and not doing any work at all. The largest amount of money was paid out by the Department of Environmental Affairs with a huge sum of R1,6 million.

The information was recently disclosed in parliamentary responses recently in response to a series of official questions asked by IFP MPs over a period of time. Barbara Creecy, Minister of Environmental Affairs, Forestry and Fisheries, acknowledged that there are currently five employees at her department, on approved disability leave due to injury or illness. One of the officials has been suspended but is still receiving a salary. According to her, the department has so far paid out R1,6 million.

Network 24 reports that in the forestry department,three officials in the Eastern Cape and one in Limpopo also apply for extended sick leave or temporary
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Government employees face 10% salary cut to fund crippling Eskom since National Treasury’s box is empty

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National Treasury director-general Dondo Mogajane has said that the best way to fund the bailout of failing state-owned enterprises could be to cut the salaries of all government employees by 10%, according to a report in the City Press.

The government has to find a way to close a R120-billion hole in its budget, which is the result of acceding to a R59-billion bailout for Eskom as well as a shortfall in tax revenue for the fiscal year ended March 2020.

“National Treasury’s box is empty,” Mogajane said to the City Press.

“Growth is not coming through and tax revenues are not there. We are in trouble. The government needs to reduce spending.”

“If we are going to be serious – without people losing their jobs – let us reduce the salaries and stop the bonuses,” Mogajane said.

In response to this plan, unions said that they would not accept the revocation of bonuses and salary cuts for their workers.

“Any talk
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Cash strapped Denel asks ANC regime for cash injection of R2.8 billion to pay employees salaries and remuneration

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Weapon manufacturer Denel is one of several state-owned enterprises (SOEs) found amid allegations of corruption and statecapture. The entity finds itself in a deep financial crisis and was forced to ask government for a R2.8 billion bailout to pay suppliers and outstanding salaries.

Public Enterprises Minister Pravin Gordhan announced that the company, with the help of a lender, made it possible to pay salaries for the month of June. Meanwhile, it has come to light that although staff salaries have been paid, no pension contributions where paid. Unconfirmed reports say Denel will again struggle in late July to compensate his staff.

Denel CEO Danie du Toit indicated stated that Denel is in negotiating with the banks to obtain bridging finance and has apologized for the tension and anxiety it causes among staff and their families. Since Denel failed to pay its employees ‘salaries in full, staff have been showing a negative attitude towards the comp
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