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Home Archive of News Latest News Eskom doesn’t plan to retrench

Eskom doesn’t plan to retrench

Cash-strapped power utility Eskom said on Tuesday that it has enough cash to pay wages and keep operations going for a few months and did not plan to retrench any workers despite a liquidity crunch.

“The finance division has indicated there isn’t any hindrance to our ability to make those payments (wages),” Eskom spokesman Khulu Phasiwe said. He went on to state: “Although we have not met our target of R20 billion in terms of reserves, we still have enough cash to keep us going for a few more months.”

He did not give a timeframe, but added: “We are not insolvent, but we are projecting that if we continue along this trajectory we might be in trouble.” On Monday, the scandal-plagued utility had said it was not insolvent but was facing serious liquidity issues and would be in “trouble” if the situation persisted.

Source: SA Labour News



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