Today's Labour News

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Stats SAFin24 reports that Statistics SA (Stats SA) is due to release the Quarterly Labour Force Survey (QLFS) for the fourth quarter of 2020 on Tuesday.

Economists expect the unemployment rate to rise to a record level of 32%, with more people entering the labour market and actively looking for jobs. SA shed 2.2 million jobs in the second quarter when a hard lockdown was implemented to slow the spread of Covid-19 infections. By the third quarter, while there were some job gains with the easing of restrictions, the country's jobless climbed to 6.5 million people and the official unemployment rate rose to a record 30.8%. Senior economist for the Bureau for Economic Research (BER) Lisette IJssel de Schepper said that, with the presidential employment stimulus programme having been implemented in the last quarter of the year, an uptick in job gains was expected to be reported. The programme seeks to create 800,000 jobs in the public sector for the 2020/21 fiscal year. The president previously indicated that the programme was designed to create jobs in the short term while the market recovered from the impact of Covid-19 lockdowns. By December 2020, 400,000 jobs had been created. IJssel de Schepper reported that the BER expected employment to have a very slow recovery, especially in terms of getting jobs back on a permanent basis. Investec economist Kamilla Kaplan indicated expectations for unemployment for 2020 to rise to 33.4% compared to 29.2% in 2019.

  • Read the full original of the report in the above regard by Lameez Omarjee at Fin24

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