Money & CareersThe East African Portland Cement has asked all its employees to apply for voluntary early retirement in a measure aimed at making the company adaptThe East African Portland Cement has asked all its employees to apply for voluntary early retirement in a measure aimed at making the company adapt to the changing business environment. Kenya’s cement industry has witnessed a significant decline in productivity, resulting in depressed revenues and manpower utilization leading to unprecedented job losses. In a memo to the staff, Nthei affirms that the company will conduct the process in a humane manner. The oldest cement company is grappling with a Sh10.8 billion debt, with its biggest creditor being KCB Group, which it owes Sh4.5 billion. It expects to lower costs after laying off extra workforce under the ongoing staff rationalisation programme, having already laid off over 500 workers.

Source: Standard Digital May 28, 2020 13:41 UTC