COSATU is absolutely raging against African Bank axing 1,200 jobs and shuttering 90 branches while unemployment stays brutal. They backed Sasbo hard because losing more income streams right now would wreck working-class households across the country.
Management claims restructuring keeps them competitive, but union leaders demand alternatives like reskilling or voluntary severance first. Closing physical locations in townships also forces customers toward expensive options or loan sharks when local access disappears entirely.
Workers face massive anxiety over mortgages and school fees, depending on those monthly paychecks. The federation wants government intervention to protect financial sector employment before entire communities spiral deeper into poverty from sudden income loss.
Negotiations continue over the coming weeks, with potential protests looming if talks stall. Unions refuse to accept mass dismissals without exploring every possible avenue to save livelihoods during this economic downturn.
Management claims restructuring keeps them competitive, but union leaders demand alternatives like reskilling or voluntary severance first. Closing physical locations in townships also forces customers toward expensive options or loan sharks when local access disappears entirely.
Workers face massive anxiety over mortgages and school fees, depending on those monthly paychecks. The federation wants government intervention to protect financial sector employment before entire communities spiral deeper into poverty from sudden income loss.
Negotiations continue over the coming weeks, with potential protests looming if talks stall. Unions refuse to accept mass dismissals without exploring every possible avenue to save livelihoods during this economic downturn.
