The economic damage has already been done in most sectors. The South African Reserve Bank has warned that the lockdown could cause 370,000 people to lose their jobs and 1,600 businesses to go under.
Cosatu General Secretary, Bheki Ntshalintshali and Xhanti Payi, Economist & Lead Researcher at Nascence Advisory spoke CNBC Africa in light of Finmin Mboweni’s proposal to cut the state's wage bill by R160.2 billion over three years.
South Africa’s largest trade union federation COSATU said on Wednesday that it would not allow workers’ wages to be slashed, after Finance Minister Tito Mboweni used a budget speech to promise cuts to the public sector wage bill.
Banking union Sasbo and Cosatu have postponed tomorrow's strike after the Labour Court interdicted them. The banking strike was expected to be the biggest since 1920. The union which has about 50,000 members wants a moratorium placed on job cuts. Cosatu National Spokesperson, Sizwe Pamla joins CNBC Africa for more.
Cosatu supports Ramaphosa, but with some reservations
Carin Runciman | University of Johannesburg The biggest changes to South Africa’s labour laws since 1995, shortly after the country’s first democratic elections, are currently being considered by parliament. If passed into law, they...