State-owned freight logistics group Transnet has described as “misleading” and “inaccurate” reports that it has embarked on a retrenchment process. Some media reports have suggested that the utility may retrench up to 8 000 workers.
However, in a statement Transnet said it was not contemplating any forced retrenchments. “Any statement about retrenchments at Transnet is ill-advised, devoid of truth and may sow uncertainty among our employees.”
Transnet reaffirmed that it was offering a voluntary severance package (VSP) to employees, but stressed the VSP was “completely voluntary”.
Transnet attributed the retrenchment reports to a statement issued by the United National Transport Union, which arose from a draft document that was superseded by the VSP process.
“At no stage did Transnet set any targets for the VSP process,” the company added.
Transnet also stressed that it was in a strong financial position and that it was continuing to pursue its capital investments, despite the challenging economic environment.
In the 2016/17 financial year, Transnet increased revenues by 5.3% to R65.5-billion and reported a recovery in profits to R2.8-billion, from R393-million in 2016.