BUSINESS DAY SPOTLIGHT
PODCAST | Banks cannot retrench if making profits, says Cosatu
Cosatu’s Matthew Parks talks striking in the banking sector and how to move SA forward economically
In this edition of Business Day Spotlight our focus is on the canceled (or postponed) banking-sector strike and economic plans for SA set out by the National Treasury.
Our host Mudiwa Gavaza is joined by Matthew Parks, the parliamentary co-ordinator for union federation Cosatu.
A banking workers strike to protest a raft of retrenchments in the sector had been slated for last week but was held back a Labour Court ruling. Cosatu had its own strike planned for early October to protest the same matter, but Parks explains that this, too, has been held back by the same court ruling.
In this discussion, Parks says the banks cannot be allowed to retrench people if they are still making profits, even though workers are being let go because of changes in technology. He says means and solutions have to be found to keep people employed.
The second half of the discussion focuses on economic plans for the country recently set out controversially by the ministry of finance. Parks says Cosatu welcomes any move to get the economy ticking forward, but does not agree with how Tito Mboweni’s department had gone about engaging with stakeholders in coming up its plan.
Cosatu particularly objects to the idea of getting rid of the minimum wage and Parks gives ideas on how the government, private sector and labour can better work together to move the country forward.
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Business Day Spotlight is a MultimediaLIVE Production.