Cost of borrowing money from banks is not the most business wise avenue for companies to pursue.
|Zimbabwe Congress of Trade Union (ZCTU) Secretary General, Japhet Moyo has said many struggling firms are heading into a crisis as they are keen to lay-off workers but do not have money for packages.|
Moyo's remarks come amid reports that Chitungwiza
City Council is preparing to seek approval from the Retrenchment Board to lay-off 1000 workers.
The retrenchment board officials said they are expecting to receive an application once the ministry of Local Government grants the council permision.
According to reports, the board has in the last two weeks gave a nod to Hunyani Holdings Ltd and Innscor Africa Ltd to get rid of 170 workers.
"We retrenched 170 workers from Hunyani and Innscor on Thursday the 5th of March. At least 600 have been retrenched since the beginning of the year," said the official.
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