Telkom south africa
Telkom yet to make decision on more job cuts
Telkom said on Friday it plans to cut at least 300 jobs at its head office and further outsource 260 jobs.
Sipho Maseko says he's being upfront about the company's financial situation to avoid a bigger crisis later.
Telkom warns it will have to eventually continue with its retrenchment plan despite a Labour Court ruling.
Last week the union declared it was planning a total shutdown in a bid to protect workers.
On Friday the union embarked on a strike outside the parastatal’s head offices in Pretoria.
Talks between Telkom & the CWU deadlocked after the company announced the closure of some stores.
CWU want Telkom to provide a clear reason behind its major restructuring that may leave thousands jobless.
Telkom dismissed claims that it intends restructuring the field force which would impact up to 10,000 people.
Fixed-line usage shrank by 12 percent but mobile revenue increased by 5 percent.
It also has a R2.2 billion net curtailment gain related to post-retirement medical aid liability.
The CWU has accused Sipho Maseko of employing friends in management positions.
Police are on the hunt for three men who robbed a Telkom store and made off with cellphones.
The struggling fixed-line operator said first-half earnings likely rose more than 20 percent.
The final strategy policy for Telkom will be decided at the ANC conference in Mangaung.
The ratings agency said the downgrade was because of Telkom’s poor profitability and business problems.
Communications Minister Dina Pule has dismissed concerns that Telkom could be facing a crisis.