The impact of higher commodity prices and consumer price inflation is set to drive up South African wage demands in the coming months, says professional services firm PwC.
The impact of higher commodity prices and consumer price inflation is set to drive South African wage demands in the coming months, says professional services firm PwC.
“This decline also impacted expectations for 2022. The Bureau for Economic Research Survey of Inflation Expectations shows that in H1 2021, trade unions were expecting salary and wage inflation of less than 4.0% during 2022. Understandably, with the inflation environment deteriorating as 2021 progressed, labour representatives increased their expectations.
“Nonetheless, this catapulted recent remuneration growth into double-digit territory and concomitantly lifted expectations. Following this acceleration in wage and salary growth during the second and third quarters of 2021, the latest BER research shows that unions now expect salary and wage inflation of 6.1% this year and 6.3% in 2023.”
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