{"id":4598,"date":"2021-02-16T19:58:19","date_gmt":"2021-02-16T19:58:19","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=4598"},"modified":"2021-02-16T17:53:34","modified_gmt":"2021-02-16T17:53:34","slug":"saa-granted-r5bn-to-make-severance-payments","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-granted-r5bn-to-make-severance-payments","title":{"rendered":"SAA granted R5bn to make severance payments"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a>. <\/strong><\/span>JOHANNESBURG &#8211; South African Airways (SAA) has received a further R5 billion from the Department of Public Enterprises to help make severance payments to laid-off staff as part of its rescue plan, administrators of the plan said on Tuesday.<\/p>\n<p>SAA entered a local form of bankruptcy protection in December 2019 after roughly a decade of financial losses, with its fortunes worsening after the Covid-19 pandemic grounded flights.<\/p>\n<p>The government committed to providing R10.5 billion to bailout the airline in October\u2019s mid-term budget.<\/p>\n<p>The business rescue practitioners (BRP) hired to restructure the airline said they had received R7.8 billion from the government including the latest payment.<\/p>\n<p>The administrators, who have proposed a plan which includes reducing the airline\u2019s staff by around two-thirds, said the money allowed them to pay cabin crew and ground staff that had accepted voluntary severance packages in August.<\/p>\n<p>More than 3,000 SAA employees have accepted severance packages, while 1,300 are still in negotiations, the administrators said.<\/p>\n<p>\u201cThe payment (to staff) follows the receipt of a further tranche of R5 billion from the Department of Public Enterprises on 12 February, which has further allowed the BRPs to confirm the second payment on 19 February.\u201d<\/p>\n<p><b>REUTERS<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. JOHANNESBURG &#8211; South African Airways (SAA) has received a further R5 billion from the Department of Public Enterprises to help make severance payments to laid-off staff as part of its rescue plan, administrators of the plan said on Tuesday. SAA entered a local form of bankruptcy protection in December 2019 after roughly [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":4597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-4598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SAA granted R5bn to make severance payments - South Africa<\/title>\n<meta name=\"description\" content=\"JOHANNESBURG - South African Airways (SAA) has received a further R5 billion from the Department of Public Enterprises t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/saa-granted-r5bn-to-make-severance-payments\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SAA granted R5bn to make severance payments\" \/>\n<meta property=\"og:description\" content=\"JOHANNESBURG - 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