Free Trial

Treasury Confirms Govt's Latest Wage Offer Will Break the Compensation Ceiling

SOUTH AFRICA
  • This means Treasury will have to make reductions in other areas, which includes allocations for key service delivery budget items.
  • Although unions initially demanded 7% hikes across the board, govt has offered them 1.5% and a monthly R1,000 payment
  • As the govt appears convinced that a settlement can be within reach in the public sector wage negotiations, Treasury said its preliminary costing indicates it will need about R20 billion to fund the deal for one year
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.