Global lockdowns see Denel burn through its cash flow
The state arms manufacturer failed to pay staff pensions, tax and UIF for April, and the next few months aren’t looking good for salaries
08 May 2020 - 18:21
Embattled state arms manufacturer Denel says the global lockdowns, implemented to to curb the rapid spread of the coronavirus, are the primary reason it failed to pay staff pensions, tax and unemployment insurance fund (UIF) monies for April.
It also said that paying salaries in the next few months would prove difficult. While staff received their net salaries for April, Denel said on Wednesday that pensions and UIF payments had not been made. ..
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