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SAA: Restructuring plan to save us R700m

The airline said any job cuts, which are still subject to a Section 189 processes that is yet to start, were part of its turnaround strategy meant to save the company from the brink of collapse.

SAA’s acting chief financial officer Deon Fredericks. Picture: Sethembiso Zulu/EWN.

JOHANNESBURG - The South African Airways (SAA) on Tuesday said its restructuring plan would be finalised by March 2020 and should save the firm R700 million.

The airline said any job cuts, which are still subject to a Section 189 processes that is yet to start, were part of its turnaround strategy meant to save the company from the brink of collapse.

SAA’s acting chief financial officer Deon Fredericks said if the airline retrenched 944 employees, the company could make a saving of up to R700 million.

“If through the process, we don’t arrive at an acceptable number that we need, then we need to look at other interventions. What can we do?”

Fredericks was also quick to add that the projected number of employees that could be affected is subject to change as restructuring consultations could lead to a different outcome.

He added that this was not the only solution being pursued to try stabilise the ailing airline, which has failed to make a profit for eight years.

“The unfortunate thing about the turnaround [plan] now is the economic environment we find ourselves in. If this was a growth market, we’d probably have different discussions.”

SAA is also having wage talks with unions in its technical division.

Earlier on Tuesday, unions said they were lodging a dispute over the negotiations at the CCMA after SAA offered the workers 0% wage increases.

WATCH: SAA: The current environment is against us