Economy

Employment decline in SA formal sector

Date: Jun 25, 2024

The first quarter of 2024 has seen a significant decrease in employment within South Africa's (SA) formal non-agricultural sector, according to the latest Quarterly Employment Statistics released by Statistics SA.

The report indicates a reduction of 67 000 jobs, bringing the total employment figure down to 10.7 million. This enterprise-based sample survey provides a snapshot of employment trends that are vital for economic planning and policy formulation.

In response to these findings, Congress of South African Trade Unions Parliamentary, Co-ordinator Matthew Parks has highlighted the urgent need for the Social Relief of Distress grant to be increased to meet the food poverty line.

Parks emphasised that the current state is unsustainable and poses a 'ticking time bomb' for the nation.

He called upon the government to address issues of crime and corruption, ensure tax compliance by companies to fund public services and urged the private sector to prevent further retrenchments and to offer a living wage to workers.

--SABC--

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