THURSDAY, 12.30PM:
A TASK team from the National Economic, Development and Labour Council (Nedlac) is on the threshold of finalising a draft social plan agreement to minimise the socio-economic effects of job losses on communities, local economies and the country as a whole.
Yet to be finalised, the agreement stipulates a range of measures to help trade unions and employers to avoid the loss of jobs. The draft document, in line with the Labour Relations Act, stresses the need for talks at the earliest stage of potential job loss situations.
Where retrenchments are unavoidable the document suggests measures for existing government funding to be redirected to limit retrenchments. The restructuring of government-funded bodies such as the National Productivity Institute (NPI) to assist in investigating job-saving initiatives has also been called for.
In addition, it has also been proposed that the Industrial Development Corporation could assist in employee buy-outs.
BUSINESS BRIEFS
UNION PROTESTS HEISTS
THE SA Society of Bank Officials has called a full-scale protest over the recent spate of deadly cash-in-transit heists. Demanding that stronger action be taken to counter the crimes, Sasbo has called for a placard protest by its members in Midrand on Friday and has invited the public and police to join in, “as they are also in the firing line”. The Congress of SA Trade Unions on Wednesday called for similar protests against the heists, also for Friday.
GENBEL GETS BANK LICENCE
INVESTMENT group Genbel Securities has been awarded a banking licence, it announced on Wednesday. The bank will concentrate on financial market derivatives, structured finance and securitisation, and hopes to expand its underwriting activities to the corporate debt market. The group has already posted an application to become a primary dealer in government bonds.