She said the group could now proceed with the restructuring and repositioning of Denel as a sustainable enterprise and a valuable and strategic asset for SA.
Denel said the cash used for the payment of the outstanding salaries came from a funding initiative to unlock excess funds in the Denel Medical Benefit Trust established in 2002. The trust was the vehicle Denel used to meet its medical aid obligations to employees who joined the group before 2002. Denel said through the years, the assets of the trust exceeded the actuarial valued liabilities. The entity developed a strategy to unlock the excess assets while ensuring that the members’ medical benefits and pensioners’ interests were not affected.
Serobe said the new restructuring plan, supported by the board and the government, would create a self-sustaining business with a healthy order pipeline.“We wish to thank the pensioners' forum, the DMBT trustees and employees who contributed to the process to ensure the payment of the outstanding salaries. We want to thank employees for their support and commitment during the challenging period we faced,” Serobe said.
“We apologise for the stress and anxieties caused to them and their families. We trust that this will contribute towards the fostering of a productive and normal relationship between Denel and its employees.”
Good job solidariteit
State owned 😏
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All outstanding salaries for Denel employees now paid: company chairAll outstanding salaries owed to employees of Denel have now been fully paid, chairperson of the state-owned company Gloria Serobe said on Thursday. Did they pay it with interest. Denel is being just like their brother the MYANC
Source: SowetanLIVE - 🏆 13. / 63 Read more »
All outstanding salaries for Denel employees now paid: company chairAll outstanding salaries owed to employees of Denel have now been fully paid, chairperson of the state-owned company Gloria Serobe said on Thursday. Did they pay it with interest. Denel is being just like their brother the MYANC
Source: SowetanLIVE - 🏆 13. / 63 Read more »