South Africa’s banking strike – what you need to know according to the banks
The Banking Association South Africa (Basa) says that its members are taking the necessary precautions to minimise disruption and inconvenience customers ahead of the proposed protest action on Friday (27 September).
In a statement on Monday (23 September), Basa said that banks will be operating as usual on the day.
“However, in case of any unavoidable disruptions at branches, bank customers should as far as possible make use of digital banking services,” it said.
“Banks will be carefully monitoring the situation to ensure the safety of their customers and staff.”
The association said that Business Unity South African (Busa) is also seeking to stop the protest as may not have satisfied the requirements for the action to be legally protected.
“Basa and its members recognise the rights of bank workers to engage in protest action.
“However, these actions need to be undertaken in terms of the law, to ensure the safety of the public, businesses and their customers, as well as the least possible disruption to the economy.
“In the event of the protest action going ahead, we expect the authorities and unions to ensure it is peaceful and guarantee the safety of customers and property.”
Changing world
Basa said that the global banking industry is evolving in response to economic pressures, digital innovation and, most importantly, the changing way their customers use and consume financial services.
It added that the reduction of staff number in many traditional banking services is a worldwide phenomenon.
“In part because of these global changes, many in the South African banking industry are having to restructure their businesses to ensure they remain sustainable and relevant to the needs of consumers,” it said.
Between them, South Africa’s six largest banks had 152,441 employees in 2018. This is an increase of more than 4,000 from 148,500 in 2015.
Given the strong growth in smaller banks and financial technology companies, the financial system in total remains a growing employer, Basa said.
“Protest action will not help to address the realities affecting the banking industry and will further burden the economy and deter investment.
“The only sustainable solution is improved education and attracting higher levels of investment to drive economic growth and job creation. These require government labour and business to work together in the national interest.”
Read: Capitec says it’s hiring not retrenching as major banking strike looms
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