Insurance giant Old Mutual to cut jobs in a massive retrenchment exercise.
The company was expected to cut 10% of its staff in April 2019 via voluntary retrenchment but the move found few takers.
In a notice by the the Group CEO Mr Jonas Mushosho, the company is inviting those interested to submit applications by 27 October 2019. As a way to make the offer more attractive a host of benefits have been added including a 12 month economic hardship allowance.
The move by Old Mutual will put more people on to the streets as the economy continues to burn with no end in sight. Since taking power via a military couple in November 2017, Emmerson Mnangagwa has failed to revive the economy with inflation now at over 300%. The local currency continues to lose value by the hour.