Simnikiwe Hlatshaneni
3 minute read
12 Feb 2020
6:37 am

‘Unprecedented’ jobs crisis has unions up in arms

Simnikiwe Hlatshaneni

It is predicted that unemployment is likely to hover around 41% to 43% by the middle of the year under the current economic climate.

A man offers his services at a traffic intersection in Cape Town. Almost 55% of South African youth are unemployed. Picture: EFE-EPA / Nic Bothma

South Africa was heading for an unprecedented jobs crisis this year which could increase unemployment to nearly half the working-age population, an expert has warned. This as unions and politicians have entered panic mode over the thousands of retrenchments announced by several companies amounting to at least 10,000 people leaving the workforce this year. Employers shedding jobs included those in the mining sector who blamed low productivity as a result of load shedding as well as global and domestic economic factors. Head of capital markets research at Intellidex, Peter Attard Montalto, warned that low business sentiment, a lack of investment...