The East London IDZ has slashed the cost of employment by 10% and will also not be paying performance bonuses.
That's was the word from CEO, Simpiwe Kondlo, in response to the news that Bhisho has slashed the budgets of Eastern Cape Public Entities due to a leaner fiscal envelope.
On Thursday Eastern Cape Economic Development MEC, Sakhumzi Somyo, met the heads of these the Coega and East London IDZ's, the Eastern Cape Development Corporatoin, the Eastern Cape Gambling and Betting Board and the Eastern Cape Liquor Board.
He said he had to share with them challenges that Bhisho's facing on the fiscal side and to urge them to come up with strategies to navigate through these tough economic times.
"We must find some way of saving. Things that we can leave without we must do away with them for now. We need to re-roganise ourselves and think things differently," Somyo said.
He added that "one way of tightening the belt would be to review the payment model of performance and keep it at 60 % than at 100 %. That way we will still be able to encourage performance than totally discarding performance bonuses at least until we get out of these tough economic times."
Somyo said: "We are the economic development family and I felt it was important that we meet in this fashion to share information and strategies of how we can work together to deliver on our mandate especially on the delivery agreement that I signed with the Premier in April. I had to share with them challenges that we are facing on the fiscus side and to urge them to come up with strategies to navigate through these tough economic times."
