HomeLocal News7 000 workers lose jobs in 2014

7 000 workers lose jobs in 2014

AT least 6 960 workers were retrenched last year, with further job losses expected at nearly 40 companies currently undergoing either judicial management or liquidation, indicating the alarming pace at which Zimbabwe’s haemorrhaging economy is imploding.

Kudzai Kuwaza

Informed sources at the Retrenchment Board said this week the figure includes the estimated number of workers laid off without going through the board.

“We have by our count, which includes retrenchments that did not pass through the board, about 6 960 workers who were retrenched,” an insider at the board said, adding: “Things are going to get worse after labour law reforms which make it easy to retrench.”

Last year Zimbabwe Congress of Trade Unions secretary-general Japhet Moyo said at least 52 companies retrenched workers in 2014.

These, he said, include Grain Marketing Board, Zimbabwe Fertiliser Company, Nissan Zimbabwe, PG Industries, First Mutual, Tristar Insurance, Cargill, Beta Bricks and Telone, among others.

This comes at a time when at least 35 companies are under judicial management or liquidation.

According to several Government gazettes published between January 30 and February 13 this year, companies undergoing liquidation include Upton Fulton McCann, Fox and Carney, Precision Grinding Engineers, UTC and Pinsoft Management Consultants, among others.

Companies under judicial management include Tetrad Investment Bank, Border Timbers, Cottzim, Atrax Holdings, Wintex Trading, Village Inn and Perfect Bakery. Things will almost certainly get worse in 2015.

Recent Posts

Stories you will enjoy

Recommended reading