Today's Labour News

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employment thumb100 Business Report writes that President Cyril Ramaphosa begins preparations for his investment summit later this month on a high after securing backing from some of the country’s biggest conglomerates to assist his jobs creation drive.  

Ramaphosa also managed to secure commitments from businesses that all alternatives would be explored before retrenchments were effected.  Businesses also agreed to sacrifice executive salary hikes and forgo dividends.  The financial sector said it would invest R100-billion over five years in black-owned industrial enterprises as part of its transformation commitments.  Absa chief executive Maria Ramos said on the sidelines of the summit that it was a joint effort to turn the tide for the economy.  “The president (Ramaphosa) cannot do this on his own and the government can’t do this on its own.  We all have to put our shoulders to the wheel,” Ramos said, adding that the upcoming investment conference needed to be supported domestically.  In her view, the summit had been a huge opportunity for SA to create jobs and improve business confidence.  The summit saw business, labour and government agreeing to more than 70 commitments aimed at unlocking job creation and boosting economic growth.  However, the jury remains out on whether the two-day inaugural Jobs Summit would deliver the 275,000 annual jobs in a troubled economy that has fallen into technical recession.  

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