Banking union Sasbo plans industrial action against job cuts

South Africa's biggest financial union Sasbo is planning a major strike next month against job losses in the banking industry.

Bloomberg is reporting that this will be the industry's largest industrial action in almost a century.

The union has about 73,000 members across the country.

Sasbo general secretary Joe Kokela says consultations with the banks were only a mere formality and that a facilitator had to be roped in because the companies would not budge.

After we got the facilitator, at the end of the day, they did what they have chosen to do.

Joe Kokela, General Secretary - Sasbo

How do you justify a guy who earns R 153,000 a day? Not a month, but a day. If you look at the salary that the captains of the industry are earning, and then there are those working in the bank that don't even get R 153,000 per annum.

Joe Kokela, General Secretary - Sasbo

We believe it is corporate greed and what is happening is that they are just trying to be proactive in the digital space. But if you go to these banks and say to them what does the 4th industrial revolution entail and what does the future world of work look like, nobody can say.

Joe Kokela, General Secretary - Sasbo

Since they knew four or five years down the line that this was coming, why did they not start preparing people? Re-skill them, why did they not do that?

Joe Kokela, General Secretary - Sasbo

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