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· South Africa’s African Bank may resort to retrenchment on account of the Covid-19 pandemic
· African Bank has had retrenchment consultation processes with the banking sector union,- Sasbo, which is likely to affect 1 269 of its 3 728 employees. Automation of its business processes also led to retrenchments
South Africa’s African Bank may resort to retrenchment on account of the Covid-19 pandemic. The bank joins a chain of business entities and corporations, which have resorted to retrenchment to cut the flab. It may be noted that since 2009, that is from the time of the financial meltdown, the South African economy has been passing through a difficult trajectory.
African Bank has had retrenchment consultation processes with the banking sector union,- Sasbo, which is likely to affect 1 269 of its 3 728 employees. Automation of its business processes also led to retrenchments.
Customers increased usage of digital space also contributed to the decision to downsize the employees. The Bank was trying its best to hold on to its staff strength. But Covid-19 and the automation forced the organization to finally reduce its staff strength.
