All data is delayed
See More

Cosatu: Jobless trends bleak

Jun 27 2011 10:33
I-Net Bridge
Johannesburg - Employment and unemployment trends continue to paint a bleak picture, Cosatu said on Monday as it released a research report at its four-day central committee meeting.

"While we were able to make some employment gains during our growth period in the 2000s, our level of unemployment has shifted back to our pre-growth levels.

"It is unlikely that employment gains will be achieved in the short run, given our declining industrial base and no significant intervention to restructure our economy."

The report added that SA's response to the global crisis was swift and significant, with all social partners "clamouring" on board to ensure the country's response was effective.

"In a very short space of time, the National Economic Development and Labour Council (Nedlac) was able to conclude the national framework agreement in response to the global crisis.

"However, when measured against other country responses to the crisis, we fared very poorly in saving little jobs, if any."

Cosatu said that about 6 000 jobs were saved through the training layoff scheme, while the Industrial Development Corporation through its intervention saved an estimated 17 000 jobs.

"Notwithstanding these important interventions, they may have come a little too slow and too late," the report said.

cosatu  |  jobs  |  unemployment


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote