The South African Post Office (SAPO) is set to get a multi-million rand lifeline after Labour Minister Makhosazana Meth signed a breakthrough agreement between the ailing state-owned entity (SOE) and the Unemployment Insurance Fund (UIF).
The aid, which will halt retrenchments, for now, will come in the form of a R381 million injection over six months.
The move seeks to preserve nearly 6,000 jobs and support the revitalisation of one of the country’s most critical SOEs.
Labour Minister
The funds will be availed through the Temporary Employer-Employee Relief Scheme, which is designed for companies facing financial distress.
This intervention is designed to provide immediate financial relief to the 6,000 employees while enabling the Post Office to implement a sustainable turnaround strategy.
Meth said the agreement is a bold and necessary step to protect workers and restore confidence in public institutions.
The funding will be disbursed in monthly tranches, with strict governance, auditing, and compliance measures in place.
“SAPO is required to submit regular reports, maintain transparent accounting records, and implement a detailed turnaround strategy as a condition of the funding,” said Meth.
The SA Post Office has been under business rescue for over two years, facing retrenchments, financial pressure, and a shrinking network.
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