Regulatory Round-up: December 2020 – February 2021 – Business Rescue

Given the financially parlous position that SAA has been in, even throughout its business rescue proceedings, the Department of Public Enterprises (“DPE”), SAA’s sole shareholder and sole lender, offered SAA employees a salary settlement agreement. In terms of that agreement, SAA employees would waive their rights to eight-months’ remuneration, in exchange for three-months’ remuneration, payment of their 13th cheque and a lump sum in respect of a 5.9% increase with effect from April 2019. Many trade unions and individual employees accepted this deal, in order to receive immediate payment.