Labour department pulls back from Highveld training layoff scheme after deal fails

February 10, 2016

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Steel producer Evraz Highveld Steel and Vanadium announced on Wednesday that the Department of Labour had put a “pause” to Training Layoff Scheme (TLS) payments in response to confirmation that the proposed sale of the business to International Resources Limited (IRL), of China, had failed. The company, which is in business rescue, said in a statement that it accepted its obligations to pay employees’ remuneration, but that due to its “dire cash flow constraints”, it was “not in a position to honour its obligation at this stage”.

Category: General