PetroSA’s CEO, Pragasen Naidoo, has been paid millions to go away; Several senior JMPD officers say they are fed up with newly employed junior officers earning higher hourly rates; Transnet CEO Portia Derby said that the company could not afford to yield to worker demands; and Bain has appealed to the National Treasury to revoke the decade-long ban.
PetroSA’s CEO, Pragasen Naidoo, has been paid millions to go away. The troubled state-owned oil company revealed it had made a loss of R1 billion in the financial year 2021/2022 during a parliamentary meeting with the committee on mineral resources and energy. PetroSA Chairperson Nkululeko Poya confirmed that there was an agreement reached between the board and Naidoo, and that agreement did come with costs. Naidoo’s annual salary was in the region of R5.4 million.
[Transnet CEO Portia Derby said that the company could not afford to yield to worker demands, potentially setting the stage for a protracted standoff with labour unions. She added that it is not sustainable to have about 66% of your operating cost being labour costs. The unions have rejected Transnet’s latest offer of 5.3%, as the strike continues to cost the South African economy billions daily.
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