Today's Labour News

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sasolSowetanLive reports that trade unions have expressed concern that the free falling share price of Sasol could inevitably result in a jobs bloodbath.  

Their fears were expressed after the share price of the petrochemical giant collapsed by approximately negative 94% to R35 on Thursday from a peak of R576 in August 2018.  In statement released on Thursday, Sasol said it was considering selling off some assets to raise cash.  National Union of Mineworkers (NUM) general secretary David Sipunzi commented:  “Our worry is that if things continue as they are, the next thing we will see is the company coming to us with letters to retrench workers.  However, since [Sowetan] has brought this matter to our attention, we will request the management to meet with us.”  The meeting could take place as soon as Monday.  Zwelinzima Vavi, SA Federation of Trade Unions (Saftu) general secretary, said he was worried that if the Public Investment Corporation, Development Bank of SA or Industrial Development Corporation, among other state-owned entities, did not purchase Sasol, it could start retrenching workers.

  • Read the full original of the report in the above regard by Mpho Sibanyoni at SowetanLive

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