Unfunded SAA to pay 50% of salaries

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South Africa Headlines News

Employees at troubled airline SA will receive half of their November salaries as well as 13th cheques on Wednesday

Employees at troubled state airline SAA will be paid 50% of their November salary and 13th cheque on Wednesday, the company said in a notice.“As at the issuing of this communication, the necessary funding to enable SAA to pay salaries has not been finalised. However, SAA understands that employees have to fulfil their financial commitments. In the interim, our cash position has improved so we can pay the salaries as indicated,” said the notice.

But to continue operations, the airline needs to raise at least R2bn from commercial banks for which it requires a full loan guarantee from the government. This has not been forthcoming. SAA has not had a permanent CEO since June when Vuyani Jarana resigned or a permanent board chair since July. Zuks Ramasia has been acting CEO since Jarana’s departure.

 

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And a 13th cheque nogal!

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