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Air Zimbabwe lays off 200, 33pc of workforce to avoid bankruptcy
AIR Zimbabwe is laying off more than a third of its workforce to prevent the state-owned airline from going bankrupt, reports Bloomberg.
Employees affected were told they will receive three months pay as well as two weeks pay for every year worked.
The airline has debts of about US$330 million, Transport Minister Joram Gumbo said. The carrier was also banned from operating in the European Union in May on safety.
As many as 200 jobs, or more than a third of its workforce, will be cut, a person familiar with the situation said, asking not to be named as the information hasn't been made public.
"In light of the huge financial challenges which the company is faced with, a decision to compulsorily retrench employees with immediate effect has been made," the airline said in a letter sent to affected employees and seen by Bloomberg.
Employees affected were told they will receive three months pay as well as two weeks pay for every year worked.
The airline has debts of about US$330 million, Transport Minister Joram Gumbo said. The carrier was also banned from operating in the European Union in May on safety.
As many as 200 jobs, or more than a third of its workforce, will be cut, a person familiar with the situation said, asking not to be named as the information hasn't been made public.
"In light of the huge financial challenges which the company is faced with, a decision to compulsorily retrench employees with immediate effect has been made," the airline said in a letter sent to affected employees and seen by Bloomberg.
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