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PetroSA to slash jobs amid financial troubles

This comes after the company recorded a disappointing net operating loss of R14,6 billion for the 2014/2015.

FILE: The parastatal saved a billion rand last year thanks to its Billion Plus saving initiative and is hoping to cut costs even further. Picture: PetroSA.

CAPE TOWN - Cash-strapped PetroSA has offered voluntary severance packages to all its employees in an effort to save costs.

The parastatal saved R1 billion last year thanks to its Billion Plus saving initiative and is hoping to cut costs even further.

An employee at PetroSA has told Eyewitness News they were informed of the voluntary severance packages last week, a move that did not surprise them as the company's financial troubles have been a subject of scrutiny in recent months.

The company has recorded a disappointing net operating loss of R14,6 billion for the 2014/2015, which has forced them to look at various measures to save on costs, including jobs cuts.

PetroSA's Thabo Mabaso said, "We think that should employees wish to go and pursue opportunities elsewhere, now is the time to do that."

The severance package includes two weeks' pay for every year an employee has worked at the company.

Mabaso says the offer will be on offer for the next month.

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