IDC Gives Times Loan To Clear Salary Arrears

THE Industrial Development Corporation (IDC) has effected a shareholder’s loan to Times Printpak Zambia for payment of three months’ salary arrears for unionised staff.

IDC group chief executive officer Mateyo Kaluba said all transfers would be made on or by today.

He further thanked staff for remaining calm during the process.

“The plan is it to finish all transfers by or before 30th June 2018. I want to thank the staff at Times Printpak for remaining calm during this period as we continue to look for a long-term solution to sustain the company,” he said according to a statement issued by IDC public relations manager Namakau Mukelabai.

Mukelebai said by close of business on Thursday, Times Printpak had started the process of uploading salary transfers into staff accounts.

On May 15, the IDC announced that staff at Times Printpak Zambia would be paid three months’ salary arrears once resources were made available this monthend through a shareholder’s loan to the company.

The resources are meant to alleviate pressure on the arrears.

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