The world has experienced one of the major economic recessions since the great depression.The global markets took a huge blow from this and South African markets were not immune to the effects of this recession. This has brought with it a new trend in the job market - retrechments, jobs loses and it holds a threat to the growth of the economy. Below are links to current news and information on how the economic recession is affecting South Africa job market and its impact on your wages.
How many are likely to be affected by mining job losses?
Following the global slowdown in the economy we have seen quite a number of job losses across all sectors. The hardest hit is definitely the mining sector. It has been reported that 10 000 jobs are at risk, but in real terms more people will be affected. On average there are seven people who are dependent on one mine worker; as a result the aftermath of the retrenchments will be felt by at least 70 000 more people.
Source: moneyweb
Wages in industrialised countries will fall 0.5 percent next year due to the economic crisis, although on a global level, salaries will still grow by up to 1.1 percent, the ILO said on Wednesday.
Source: iAfrica