Customers queue to draw money from an ATM outside a branch of First National Bank and Nedbank at a mall in Midrand outside Johannesburg. Picture: REUTERS/SIPHIWE SIBEKO
He said they had no qualms about shutting down the economy, which declined 3.2% in the first quarter of 2019 while the unemployment rate jumped from 27.6% to 29% in the second quarter. The Reserve Bank expects the economy to grow just 0.6% in 2019, after the disappointing 0.8% of 2018. “We want to teach them a lesson to say ‘stop what you’re doing’ because, if you look at it, the fat cats are getting a lot fatter nowadays while the rest are struggling to make ends meet.”On Thursday, Cosatu backed Sasbo’s industrial action and said the strike would act as a buildup to the labour federation’s national strike against job losses and retrenchments on October 7. It said all its unions would be mobilised to ensure Sasbo’s shutdown is a success.
“While there have been redundancies, the restructuring has also opened new opportunities, through new roles being created to advance our strategy,” Absa said, adding it has in place support mechanisms for affected employees.