Financial services group Absa has published its preview of the 2022 Medium Term Budget Policy Statement (MTBPS) and forecasts a revenue overrun relative to the 2022 budget target of R87 billion. It also expects a pay deal for the public sector of 3%.
Financial services group Absa has published its preview of the 2022 Medium Term Budget Policy Statement and forecasts a revenue overrun relative to the 2022 budget target of R87 billion.This, the group said, compares with its 4.9% forecast in the July Quarterly Perspectives and the 6% of GDP that National Treasury forecast in the February 2022 budget.
Bloomberg reported South Africa’s work days lost due to strike action rose more than 30-fold in the six months through June compared with the same period a year earlier, driving up wage settlements between labour unions and companies. Dissatisfaction over pay was the biggest cause of industrial action in the second quarter, accounting for 99% of work days lost and 85% of strikes, the central bank said, citing data from Andrew Levy Employment Publications. That drove the average wage settlement rate agreed through collective bargaining up to 6.1% in the first half of 2022, from 4.5% a year earlier, it said.
“This is imperative to ensure that there is sufficient resources for funding South Africa’s development agenda, whilst avoiding sinking the country into a debt hole and unsustainable fiscal deficits,” they said in a joint statement. “Higher than inflationary or unaffordable adjustments on the salaries of the current public servants would mean that there’ll be less money available to increase headcounts in critical frontline services.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Draconid meteor shower 2022: Here's how to see it from South Africa | The CitizenThe Draconid meteorshower is unpredictable and a 'real oddity' ☄️ Previous showers were uneventful, but will the dragon wake in 2022?
Read more »
Don't Worry Darling: Olivia Wilde's 2022 feminist thrillerDon't Worry Darling is one of the hottest movies right now – and not just because of the actual screenplay. With cast drama, wild(e) rumours and actors that are becoming household names, this is not one to miss.
Read more »
WATCH: SA's Sheldon Van Der Linde crowned 2022 DTM champion | The CitizenThe 23-year-old racing driver became the first South African to win the DTMChampionship trophy.
Read more »
How Ferrari's troubled 2022 handed Max Verstappen more F1 gold | SportFerrari has stepped in clay throughout the 2022 Formula 1 season, and Charles Leclerc's fumble in Japan was just the cherry on the cake. | Sport24news
Read more »
Sponsored Content: Reduce fleet costs with Artificial Intelligence (AI) from TrackerThe annualised consumer price inflation rate was recorded at 7.8% in July 2022 - the highest reading since May 2009 (8%) – underpinned by recent, significant fuel price hikes. Although fuel prices were reduced in September 2022, bringing some relief to overburdened consumers and businesses, the knock-on effect of these increases and resulting overall higher prices will continue to impact budgets.
Read more »