DURBAN – Due to the national lockdown to curb the spread of Covid-19, many companies in South Africa are experiencing a loss which is forcing them to start the retrenchment process. Sasol is one of the companies in South Africa that may start the retrenchment process.
With Sasol’s loss of value with its share price on the JSE, the company lost more than 50 percent of its value in 2020 thus far. This resulted in concerns on whether Sasol will be able to deliver returns in the business sector. This is the result of the Covid-19 pandemic, the international price of Oil and global markets slowing down.
In a trading update provided by Sasol on Thursday, June 18, it said: “The new strategy will focus on Sasol’s core portfolios of chemicals and energy. A focused and robust review of the business, and the associated workforce structures, is underway and a detailed update will be provided to stakeholders alongside the full-year results.
The redesign of the organisation to enable our sustainability at lower oil prices will have an impact on our workforce structure. We have accordingly issued a notice to our representative trade unions in South Africa… inviting them to enter into consultation with Sasol. A similar process will be followed with the relevant recognised bodies in our other jurisdictions.”
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