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Saab engineers without salaries reflecting the hardship the company is still in



  

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Tuesday, 26 July 2011
Saab Automobile was on Tuesday finding it hard to transfer salaries to their engineers. The ground for the difficulty is that automaker has not enough money and now postponed the payment of its management teams.

Those affected are about 1600 member of the engineering team. The company would have made payments on Tuesday but realised that there was not enough money and so the salaries would not be received on Wednesday as expected.

The driver to this is that investors have not made payments on time, write the vehicle manufacturer's owner Swedish Automobile in a statement.

"I can not go into the amount or the investor concerned. Unfortunately, money has not come in on time. It is regrettable, but it is what happens if you do not live up to contracts, which investors have not done in this case,” says Saab's CIO Eric Geers
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The company is reported to do everything possible to get money from investors and is in continuing discussions with "various parties" to get short-term funding that can be used to pay salaries.

Saab has some 1600 management staff, and a total of 3,640 employees are affected by the lateness. Saab’s monthly salary bill is about over Skr100 million each month.

In late June, Saab’s workers’ salaries were delayed by several days such that workers union send payment requests to the Saab.
By Scancomark.se


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