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Pepkor Warns of Deteriorating Consumer Finances

SOUTH AFRICA
  • Retail brand owner Pepkor (owner of Ackermans and Pep) warned in their H1 2022 results that stresses on consumer finances will increase in the near future, with higher levels of inflation expected across summer, “starting in August 2022”. The brand cited supply chain disruption and economic uncertainty.
  • As pay disputes continue across a number of Unions, COSATU have stated that the government must progress with passing the Companies Amendment Bill into law. The bill would force companies to disclose the pay gaps between the highest, and lowest, salaried workers in firms.
  • Labor minister Nxesi is attempting to mediate a solution between Sibanye Stillwater and striking workers at their gold mine, in a strike that’s extended for three months. The workers are demanding a R1,000 per month pay rise, a rise comparable to that seen in the recent Amplats deal signed yesterday.
  • The PSA strike across the South African Revenue Service continues, closing a number of in-person branches, call centres and electronic booking systems – a protracted strike could hamper tax collection and will be troubling the already-stretched Treasury. Workers are demanding a 12% pay rise vs. the company’s offer of 1.3%.
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