Basa - the national association of domestic and international banks operating in SA - said the labour court accepted the view that Cosatu’s notice to the National Economic Development and Labour Council of a planned protest, under which Sasbo was going to act, had expired.Basa said on Thursday that the Nedlac notice had first been issued in August 2017, and could not be relied upon.
The association said South African banks were painfully aware of the high rate of unemployment in the country and were doing as much as possible to minimise job losses. Where possible, banks managed their staff through natural attrition and by providing training and new opportunities to affected employees. Retrenchment was a last resort, it said.
“Between them, South Africa’s six largest banks had 154,441 employees in 2018. This is an increase from 148,500 in 2015. Given the strong growth in smaller banks and financial technology companies, the financial system in total remains a growing employer,” Basa added.
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