Telecel to cut salaries

According to an internal letter to staff, Telecel has proposed six options as the company moves to cut costs and improve cash flows. One option is a 20 percent pay cut.

Another option is a 30 percent salary deferment which will be paid at the end of December 2016. Another option is receiving the 20percent of the current basic pay in the form of airtime.

This comes a few weeks after telecoms and financial services behemoth, Econet Wireless Zimbabwe, also cut workers' salaries by 35 percent as it feels the impact of the country's economic slide.

Meanwhile, Telecel Zimbabwe paid a $5 million instalment in part settlement of the $137,5 million regulatory requirement for renewal of its licence, which had run its full course of 15 years.

The mobile phone operator said last week that the payment was part of the original payment plan agreed with Government through the Postal and Telecommunications Regulatory Authority of Zimbabwe.

Chief executive Angeline Vere said that Telecel had paid the instalment for its licence fee that was due for the month of June 2015 in line with the original payment plan.