South Africa plans to freeze public-sector wages for the next three years to help cut its salary bill and contain a yawning budget deficit. The proposal raises the risk of widespread strikes by the 1.3 million-strong public-sector workforce. Here is why the government wage bill is a problem. WHAT IS THE PUBLIC WAGE BILL?
* Mboweni doubles down on pledge to curb wage bill. * Raises risk of debt crisis unless action taken. * But debt seen peaking at higher level than in June. * Airline SAA gets 10.5 bln rand for rescue plan. By Mfuneko Toyana and Wendell Roelf.
By Aaisha Dadi Patel and Gabriele Steinhauser. JOHANNESBURG--South Africa's finance minister on Wednesday announced costly new bailouts for state-owned enterprises, including its flag carrier, as he predicted that the country's economy would shrink 7.8% this year. South African Airways, which has been grounded in recent months, will receive an extra 10.5 billion South African rand this year to help fund its rescue plan, while the state-owned Land Bank will get an additional...
JOHANNESBURG--South Africa's annual consumer price inflation inched down to 3.0% in September from 3.1% in August. The reading is just within the South African Reserve Bank's target range of between 3% and 6% annual inflation. The data comes ahead of a mid-term budget update on Wednesday afternoon, after an economic recovery plan outlined by the president earlier in October.
Sibanye-Stillwater Ltd. (SBSW) said Friday that it has signed a new wage agreement with two unions representing workers from its Kroondal platinum-group-metals mine in South Africa. The Johannesburg- and New York-listed miner said the deal is for the three years from July 2020 to June 2023.. Sibanye-Stillwater (SBSW), the National Union of Mineworkers and the Association of Mineworkers and Construction Union agreed to a 5% or a 1,000 rand monthly basic wage increase for the first...
Sub-Saharan Africa's regional economy is expected to contract by 3% this year due to fallout from the coronavirus pandemic, before rebounding to growth of 3.1% in 2021, the International Monetary Fund wrote in a report published on Thursday. Pre-pandemic growth levels will not return before 2022, however, and not until 2023 or 2024 in large economies including South Africa, Nigeria and Angola.
Sasol Ltd. (SSL) warned Thursday of a hit to its North American operations from Hurricane Laura in the first quarter of fiscal 2021.. The South Africa-based petrochemical and energy company said Hurricane Laura, which made landfall on Aug. 27 near its Lake Charles Chemicals Complex in Louisiana, had an impact of around 170,000 tons on the total net saleable tons of its North American operations for the quarter ending Sept. 30.. Sasol (SSL) said Hurricane Delta made landfall on Oct. 9 as the...
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