A major banking shutdown is expected this Friday, 27 September. The shutdown will be taking place due to industrial action within the banking sector, brought about amid planned large-scale retrenchments, ongoing job losses, concerns around upskilling and the fourth industrial revolution and salary structures. The strikes are planned by finance union, the South African Society of Bank Officials (Sasbo) and are set to occur in several provinces throughout the country.

“The Friday banking strike is happening and everything is in order…We have over 73000 members within Sasbo and 45 to 50 thousand members have indicated that they are going to join the strike,” said Sasbo general secretary, Joe Kokela.

Sasbo has warned that all banking services will be suspended on Friday and that strikes are set to begin at 10am.

According to BusinessTech, several local banks have consulted with staff about job cuts in recent months and many branches have been closed as a direct result of increasing digitalisation – inherent with the fourth industrial revolution.

“We are calling for a total shutdown of financial institutions in the country. There will not be any kind of service from the banks,” said Kokela.

“We are also calling for a moratorium on job losses, a closer look at the salaries of CEO’s and a just transition into, and programme on, the fourth industrial revolution so we can be upskilled.”

In Cape Town, those on strike will converge at the CBD’s Standard Bank where a memorandum is expected to be handed over.

Several areas throughout the Western Cape are expected to participate in the strike, including Tygerberg and the Boland.

Meanwhile, Sasbo has denied allegations that they have not followed the appropriate industrial action processes, declaring that they are under protection.

They are opposing an application made by Business Unity South Africa for an interdict on the strike.

VOC