SA Wage Costs Blamed for Job Losses

The International Monetary Fund says that high labour costs carried more blame for South Africa's decline in exports than the strong rand

The International Monetary Fund (IMF) says that high labour costs carried more blame for South Africa's decline in exports than the strong rand.

IMF deputy director for Africa, Abebe Aemro Selassie, points out that on the whole, it is labour cost rather than rand appreciation that has contributed to the loss of competitiveness.

Briefing Parliament's portfolio committee on finance, Selassie argued, "One of the features of the labour market that we think has aggravated the scale of job losses is that you have had wage increases well ahead of productivity increases.”

To read the article titled, “Wage costs led to job losses – IMF,” click here.

Source: 
Sowetan Live

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