The South African Post Office plans to reduce its working hours and retrench employees in a bid to cut its wage bill, CEO Nomkhita Mona said.

The state-owned company has been in a “downward spiral” since 2004, when it last posted a profit, and staff-related costs account for 68% of its total expenditure, Mona said in an interview with SAfm on Friday.

The Post Office, mindful of South Africa’s sluggish economy and high unemployment, will prioritise reducing its working hours, before implementing a longer-term plan to cut staff, Mona said.  — (c) 2023 Bloomberg LP