Two major unions, Satawu and UNTU, are currently on strike to demand pay increases. Despite Transnet increasing its first wage increase (from 1.5% to 4.5%), workers still declined it. Caiphus Kgosana writes for TimesLIVE that inflation has pushed up costs, notably for food. Rising fuel and power costs increase the cost-of-living. Kgosana arugues s it fair for unions to seek 10%-13% salary raises when they know the company can’t afford it? This strike is as bad as load-shedding. (TimesLIVE, for subscribers)
Myopic unions pull SA further into the abyss with Transnet strike
Thousands of Transnet rail, port, and pipeline employees started an open-ended strike last week, paralysing the country’s supply chain infrastructure and prompting “the state-owned company to declare force majeure”.
The union, Satawu, said Transnet should know inflation is rising and unions would reject its 3%-4% offer, depending on employee grade. The article further states that Transnet might respond by saying unions should know SA unemployment is at “Great Depression levels”. (Business Day)
Here’s what else we’re reading today:
The Federal Reserve may be going too far, too fast – Daily Maverick
Dear Mr President, can you look us in the eye and tell us why? – News24 (for subscribers)
The rich live in an alternate economic reality – BusinessLIVE
Lesufi’s election as Gauteng premier: Voters are ‘suckers’ for believing ANC can reinvent itself – expert – News24 (for subscribers)
Debt financing in climate tech set to grow over next decade – BusinessLIVE
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