Eskom must cut 10,000 jobs to get bailouts

[Hanno Labuschagne]

Eskom must cut 10,000 jobs to get bailouts

South Africa’s government plans to restructure state power utility Eskom Holdings SOC Ltd.’s debt before elections in 2024, and will only provide additional support if the company sells assets and cuts jobs, Finance Minister Enoch Godongwana said.

Eskom, which supplies almost all of South Africa’s power, has R392 billion ($26 billion) of debt.

The utility has said the liabilities need to be cut to R200 billion for it to be sustainable and accept support pledged by rich nations to help reduce South Africa’s dependence on coal and cut carbon emissions.

[Bloomberg]

 

[Cius]

About freeking time. Time for the real showdown SA needs. Government vs Unions with government actually winning. This has always been the solution.

 

[Creag]

There is always hope. But actual actions is where it needs to be.

 

[WAslayer]

Talk is cheap, Mr minister...

 

[mojoman]

The unions will fix this...

 

[SilverCode]

South Africa’s government plans to restructure state power utility Eskom Holdings SOC Ltd.’s debt before elections in 2024, and will only provide additional support if the company sells assets and cuts jobs, Finance Minister Enoch Godongwana said.

Lol. Cut jobs right before an election? They don't have the backbone to do it a reasonable time after the last election, no way they suddenly grow a spine and do it just before the next election.

What is probably going to happen is Eskom will announce they are cutting jobs, then the ANC will step in and slap Eskom down in a big public showing to prove to their gullible voter base that WMC is trying to take away their jobs and only the ANC can save them. Vote ANC!

 

[Shadowchaser1]

Not going to happen.

 

[R13...]

Not happening.

 

[Bewlen]

This won't happen. It's imply a tactic the ANC uses to appear to be managing the situation responsibly, in order to keep up the illusion of being fiscally responsible. But the reality is that they will be placating unions and buying votes by not enforcing this in any way, shape or form.

 

[Enzo Matrix]

More sabotage incoming

 

[Thugscub]

Politicians pie holes spewing crap and the idiots continue to believe them.

 

[scantid]

Selling old underperforming Coal Power stations would be a win for Eskom, but who, in their right mind, would buy them knowing that Eskom wants to stop using them as soon as possible?

 

[gregmcc]

Yeah, never going to happen.

 

[am-user]

Selling old underperforming Coal Power stations would be a win for Eskom, but who, in their right mind, would buy them knowing that Eskom wants to stop using them as soon as possible?

If these are sold with a contract to sell electricity back to the grid(Eskom), and [especially|potentially] with as built-in upfront "capacity" fee to the buyers and with delivery at inflated rates, many 'connected ones' might be interested.

GRAVY TRAIN!!!

 

[TelkomUseless]

Not Happening

Squirrel will kak in his pants if they cut 10k jobs. His Wakanda dreams will be shattered (lol)

 

[BBSA]

So Cyril going back on his promise:

Ramaphosa promises no job losses at Eskom | Business

President Cyril Ramaphosa has said the government won’t cut jobs at state power utility, Eskom, as it divides the company into three separate businesses.

www.news24.com

 

[ToxicBunny]

No you guys don't understand this.

Eskom won't cut any jobs at all, what will happen is one of the subsidiaries will magically get 10000 people bigger, and "Eskom" will have less employees.

Problem solved, and Unions happy.

 

[Neuk_]

Eskom doesn't have any extra jobs to cut but they do have plenty extra employees on the pay roll to cut.

 

[Alton Turner Blackwood]

Malema will be seething! Just the other day he moaned that other countries' government create jobs through SOE's and our government says it's the private sector's responsibility, not government.

 

[OhYeah84]

Are these the ghost workers they've suspected as having on their books, or proper workers? In which case you're adding to the unemployment rate if that wasn't known?