PREMIUM!

It’s a catastrophe, Mr President

Editorials 4 weeks ago

Workers in the low-income bracket – earning between R5,000 and R10,000 a month – have been hard hit.


21 Jul 2020
PREMIUM!
It’s a catastrophe, Mr President

President Cyril Ramaphosa addresses the nation on developments in South Africa’s risk-adjusted strategy to manage the spread of Covid-19 from the Union Buildings in Pretoria, 12 July 2020. Picture: GCIS

As the government enforces strict lockdown measures which will, in theory, help the medical sector cope with the Covid-19 tsunami, there can be few who think the restrictions are not going to severely damage our economy. Yet, many may be underestimating the impact the lockdown is having on the poor and the middle class – those who provide the muscle to power the economy. Results from the 2020 Covid-19 special report of Old Mutual Savings and Investment Monitor are frightening. Seven out of every 10 households are earning less than they did before the coronavirus crisis, ranging from slight reductions...

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