Cosatu president, Zingiswa Losi says workers are justified to demand a double-digit salary increase amid the high cost of living, including interest rate hikes.
The trade union federation has been commemorating the 1973 Durban mass strike organised by black workers 50 years ago.on Thursday will exacerbate people’s financial hardship. “When the inflation is sitting at 7.2%, yesterday the Reserve Bank increased the interest rate to 7.5%. Literally, it means public servants have no increase, since yesterday. This literally means workers will continue to move around the debt, they will continue to be in a debt trap.
South African households spend more than two-thirds of their annual income on service debt. However, there was a small improvement recorded in the 4Slow remuneration growth
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