Today's Labour News

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unisaFin24 reports that Momentum and Unisa conservatively estimate that a million more South Africans could be unemployed by the end of 2018.  

The latest Unisa Household Financial Wellness index indicates declining GDP growth rates, increasing levels of unemployment, stagnating job creation and sky-high levels of income and wealth inequality for the rest of 2017, stretching into 2018.  The number of employed people grew from 14.1m in 2011 to 15.95m in 2016 and is expected to grow only marginally to 15.97m by the end of 2018, Unisa and Momentum said in a statement.  At the same time the number of unemployed increased from 4.6m in 2011 to 5.9m in 2016 and will be about 7.2m at the end of 2018, which means that there will be about 1.3m more unemployed people at the end of 2018 compared to the end of 2016.  “The unemployment rate increased from 24.8% in 2011 to 27% in 2016 and could be as high as 31% by the end of 2018 should current economic, demographic and employment trends continue,” the statement from Unisa and Momentum reads.

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