Today's Labour News

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Busa2Fin24 reports that the Jobs Summit, which kicked off on Thursday, is set to agree to a mechanism which will see businesses that employ more than 50 people reporting on pay ratios in their Annual Financial Statements.  

According to Business Unity SA (Busa), the reporting will at first be voluntary, then move to mandatory.  It is expected to open the way for improved data and analysis on salaries as well "excessive pay disparities".  Businesses are already required to report income differentials under the Employment Equity Act, but Busa CEO Tanya Cohen said the scope of the data has been limited so far, and there has been no mechanism for companies to benchmark themselves according to their industry or size.  The reporting of pay scales is just one of the 25 agreements expected to be signed at the summit, convened by Nedlac, in a bid to bring government, business, labour and community together to try to tackle the rising unemployment rate.  Cohen indicated that 190 proposals had been made by the various constituencies, and those had have been whittled down to 25 actionable programmes.  Busa Vice-President Martin Kingston said the summit should be seen as process, not an event, and that the difficult economic climate meant the country needed to not only create new jobs but also to stop the large scale retrenchments currently underway.

  • Read this report by Tehillah Niselow in full at Fin24

Read too, Jobs summit ‘is the start of a process, not an event’, says Busa, at Business Report


Get other news reports at the SA Labour News home page