Denel announced on Thursday that it has paid R318 million in outstanding salaries after two years. The funds were raised from the surplus of a medical aid benefit trust for employees. | Fin24
Troubled state-owned arms manufacturer Denel announced a major achievement on Thursday, paying all outstanding salaries with the proceeds of the surplus medical benefit trust and putting in place payment plans for the SA Revenue Service and the company pension fund.
Serobe said Denel received R992 million from the surplus at the end of July, most of which would be used for working capital, including future salaries. To ensure the process was equitable, each stakeholder had an actuary to interpret the fund and protect them, producing"a win-win" outcome for everyone.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Shoddy’ shack installers ready to pay back the money | CitypressThe company that billed the state a whopping R64 000 per shack structure wants to pay back some of the money it unduly received from the department of human settlements, water and sanitation.
Read more »
JUSTICE MALALA: Stuck in policy purgatoryThe ANC is like a truck in a muddy ditch. It is stuck. So is SA Inc, writes justicemalala.
Read more »
JUSTICE MALALA: Stuck in policy purgatoryHow much attention should SA Inc really pay to the ruling party’s plans? Asks justicemalala
Read more »
Marikana lawsuits to be finalised by end of AugustMarikana lawsuits to be finalised by end of August - The state has already paid out R170-million in claims following the August 2012 massacre
Read more »
JUSTICE MALALA: Stuck in policy purgatoryThe ANC is like a truck in a muddy ditch. It is stuck. So is SA Inc, writes justicemalala.
Read more »
Chinese anger over inability to compete with US in chipsChina’s top leadership has grown increasingly frustrated with a years-long failure to develop semiconductors that can replace US circuitry.
Read more »