The South African Post Office (SAPO) is expected to exit business rescue.
Although no timeframe was given, Nomakhosazana Meth, the Minister of Employment and Labour, said her department invested R381 million in a Temporary Employer/Employee Relief Scheme (TERS) and the Unemployment Insurance Fund (UIF).
This was over a six-months period, to preserve some 5,956 jobs.
Meth said the next step is to strengthen governance and improve operational efficiency.
SAPO’s debt was reduced from R8.7 billion to around R440 million.
As a result, the company filed for Business Rescue at the Pretoria High Court.
SAPO also got a debt relief bailout to settle R7.4 billion.
Its turnaround plan got over 4,342 employees retrenched and over 360 branches closed, by May 2024.
There are now 657 branches left.
Picture: Supplied