ABSA WITHDRAWS RETRENCHMENT LETTERS

"Sasbo - The Finance Union, who represents the majority employees within ABSA, has confirmed that the bank have agreed to withdraw the notices of retrenchment to IT staff, says Comfort Duma, Assistant General Secretary.

"At an urgent meeting between Sasbo and ABSA, held on Saturday evening, the union expressed its outrage at the bank having unilaterally issued retrenchment notices to IT staff via email.  The union placed the bank on terms and demanded that ABSA withdraw all retrenchment letters by 12:00 on Monday, 14 May 2012.

"In a letter to Sasbo, the bank advised that it would withdraw the notices of retrenchment sent to IT staff today. 

"The bank has agreed to engage further with the union on this matter", says Duma. 

Statement issued by Comfort Duma, Sasbo assistant general secretary, May 14 2012

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