The bank added in its Full Quarterly Bulletin released on Tuesday that strike action in the platinum belt contributed to the astronomical rise in the number of workdays lost in the last half year.
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The South Africa Reserve Bank explained that year-on-year loss in workdays led to the decline in labour productivity which decelerated from 1.6 per cent in the fourth quarter of 2013 to 1.2 per cent in the first quarter of 2014.
“The number of workdays lost due to strike action rose from 1.8 million in the first half of 2013 to 7.5 million in the first half of 2014,” read part of the report.
“The marked increase was largely due to the prolonged strike in the platinum-mining sector which alone resulted in 7.2 million workdays lost.”
“The highest year-on-year increase in the public sector remuneration per worker in the first quarter of 2014 was recorded in the public enterprises with 15.1 per cent, followed by provinces with a 5.3 and 3.8 per cent national departments,” reported SARB’s report.
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The report also added that the year-on-year pace of increase in nominal remuneration per worker in formal non-agriculture sector decelerated from 7.7 per cent in the fourth quarter to 6.1 per cent due to a marked slowdown in private sector remuneration.
“Growth in real salaries and wages per worker in the formal non-agriculture sector moderated from 1.9 per cent in the year to fourth quarter of 2013 to 0.1 per cent in the year to the first quarter of 2014,” SARB said.
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Private sector remuneration registered a marked increase with a worker rate increase surging to 6.2 per cent in the year to the first quarter of 2014.
“Although remuneration growth slowed in all the private sub-sectors, the slowdown was more pronounced in the mining sector where the year-on-year rate slowed from 11.6 per cent in the fourth quarter of 2013 of 2013 to 0.8 per cent in the first quarter of 2014.”