cosatuBusiness Report writes that Cosatu has welcomed the decision by rating agency Standard and Poor to uphold South Africa’s credit rating, but the labour federation believes further austerity measures will send the country on a death spiral.  

“Needless austerity measures will not fix our unemployment, poverty and inequality.  This will only cause social instability,” Cosatu spokesman, Sizwe Pamla, said in a statement.  The statement went on to caution that the ratings agency “should not be used to reintroduce the privatisation of State Owned Entities programme…and the deregulation of labour and more austerity measures.”  Cosatu called on government and business “to seize the opportunity of the ratings reprieve and sum up the courage and seriousness to tackle unemployment.”

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