Views Article – Sharenet Wealth

Africa, News

S.Africa’s Eskom says savings to offset severance packages’ cost

JOHANNESBURG, Feb 13 (Reuters) – South Africa’s struggling state power utility Eskom said on Thursday that the cost of offering voluntary severance packages to some managers would be offset by savings.

“Eskom will ensure that no critical skills will be lost as a result of the programme,” Eskom said in a statement. “Eskom will spend 400 million rand ($27 million) in order to cut overhead costs. This will be recouped through savings within a year.”

($1 = 14.8803 rand) (Reporting by Alexander Winning; editing by Olivia Kumwenda-Mtambo)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.
Array ( )