Air Zim sacks half its workforce
Air Zim sacks half its workforce

Air Zim sacks half its workforce

Air Zimbabwe has retrenched 200 employees out of 424, saying the organisation is over-bloated.
AFP
Air Zimbabwe has laid off 200 employees - nearly half its workforce - to try to stay in the air, Zimbabwe state media reported Wednesday, as the country's economic troubles deepen.

Under long-time leader President Robert Mugabe, Zimbabwe has suffered mass unemployment, a collapse of many public services and banknote shortages as foreign investors have fled.

According to Bloomberg News, the southern African country's economy has halved since 2000.

“We have retrenched 200 employees out of the 424,” Air Zimbabwe chairman Chipo Dyanda was quoted as saying in the Herald newspaper.

“The organisation is over-bloated.”

This is the latest bad news to hit the troubled national carrier, which in May was added to a list of airlines banned from EU airspace over safety concerns.

The airline, which flies to South Africa and Tanzania as well as on domestic routes between Harare, Bulawayo and Victoria Falls, has over US$300 million in debts.

According to a letter seen by AFP, the state-owned company said it was acting “to contain operational costs and save the national airline's viability as a going concern.”

Affected workers were sent on paid leave on Tuesday and will receive three months' salary and compensation for loss of employment, the letter said.

The 93-year-old Mugabe, currently on a medical trip to Singapore, has sometimes chartered Air Zimbabwe planes, forcing the cancellation of scheduled flights.



NAMPA/AFP

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 207.29/OZ UP +0.76% | Copper US$ 3.97/lb DOWN -0.0042 | Zinc US$ 2 447.40/T DOWN -0.37% | Brent Crude Oil US$ 86.98/BBP UP +0.68% | Platinum US$ 905.24/OZ UP +1.16% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 23.95 | EUR to NAD 20.51 | CNY to NAD 2.63 | USD to NAD 18.99 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.27 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.99 | USD to ZMW 24.77 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 73909.5 Up +0.41% | Namibian Stock Exchange (NSX) Overall Index 1516.02 Down -0.13% | Casablanca Stock Exchange (CSE) MASI 12981.98 Up +0.34% | Egyptian Exchange (EGX) 30 Index 28224.37 Down -2.87% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 207.29/OZ UP +0.76% | Copper US$ 3.97/lb DOWN -0.0042 | Zinc US$ 2 447.40/T DOWN -0.37% | Brent Crude Oil US$ 86.98/BBP UP +0.68% | Platinum US$ 905.24/OZ UP +1.16%