BUSINESSNEWS

East African Portland Cement fires all 2000 employees

East African Portland Cement (EAPCC) is set to lay off all employees in the company.

The company is said to have been making massive losses of approximately Sh8 million per day. The losses have affected the operations when it comes to sales.

The Chief Executive Officer, Stephen Nthei, said all job positions in EAPCC have now become redundant and all employees released.

“The company acknowledges that the exercise is a difficult decision but the best option in the present business circumstances,” said Nthei.

In December 2018, the company reported a loss of Sh1.26 billion for half year, up from Sh949 million in the last few months of the same year.

In 2018, 520 employees lost their jobs in a move that was meant to lessen the unsustainable wage bill. Employees whose contracts expired did not get a renewal.

In 2016, EAPCC fired 1000 employees, leaving only 500 workers in the company.

The company currently has approximately 2000 employees on contract, permanent and pensionable terms. The first group of those who have been laid off will exit the company late August or early September.

The announcement by EAPCC comes hot in the heels of CFC Stanbic Bank which is also set to lay off 225 employees.

The company has offered permanent and pensionable employees a voluntary early retirement package, which they are at liberty to accept or decline.

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