Registered users can save articles to their personal articles list. Login here or sign up here

SA faces more than 60 000 job losses – Solidarity

Biggest risks in the mining and chemical industries.

South Africa faces more than 60 000 job losses this year in industries ranging from mining to aviation, according to a report by the Solidarity labour union.

More than 45 000 jobs are at risk at 58 companies, including in the mining and chemical industries, Solidarity said in a report released on Tuesday, citing an analysis of media sources. The union said it’s aware of 163 more companies that “are currently reducing staff numbers, or are contemplating to do so,” which could potentially affect another 16 500 jobs.

South Africa’s jobless rate of 25% is the highest of 39 emerging markets tracked by Bloomberg. Falling commodity prices and rising costs have forced mining companies including Anglo American and Lonmin to consider job cuts.

Solidarity had about 80% more retrenchment-related enquiries from members in June and July compared to the same period last year, Johan Kruger, the union’s deputy head, said in the statement.

©2015 Bloomberg News

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   1

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
Insider GOLD
ONLY R63pm

Moneyweb's premium subscription is a membership service which will give you access to a number of tools to take charge of your investments.
Choose a yearly subscription at R630pa - SAVE R126

Get instant access to all our tools and content. Monthly subscription can be cancelled at any time.

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: