Denel’s liquidity crisis plunges employees into new financial crisis

World News: . []

Following a further breakdown in trust between the management of State-owned defence company Denel and labour after this week’s announcement that the company had not paid over either workers’ or the company’s retirement fund contributions, a special labour forum was held on Thursday to discuss the crisis. According to a letter to employees, pension fund contributions for the month of June had been deducted from employees’ salaries, but not paid over to the pension fund.

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