Posted on 11/26/2018 6:34:39 AM PST by Olog-hai
South Africas President Cyril Ramaphosa has signed into law the national minimum wage bill, his office said on Monday, part of efforts by the government to tackle wage inequality in Africas most industrialized economy.
The National Minimum Wage Act sets South Africas minimum wage at 20 rand ($1.45) an hour, equal to 3,500 rand per month. [ ]
Supporters of the minimum wage say it will reduce inequality and stimulate economic growth as workers spend more.
But critics say it could lead to increased unemployment, already at record highs, because some employers wont be able to afford higher wage bills.
(Excerpt) Read more at reuters.com ...
Kinda like Venezuela trying to enforce a minimum wage??
Officially, the SA gov’t will say that unemployment is around 27-percent. Most residents in SA laugh...suggesting it’s bogus data...and suggest that it’s closer to one-third of the country unemployed.
They left will not be happy until the entire continent is poor, starving and in a constant state of guerrilla warfare.
If a mere $1.45/hour will reduce inequality and stimulate economic growth, why not make it $20/hour then??
You mean it isn't now?.................
In the article they are converting based on the exchange rate, not on Purchasing Power Parity. PPP is about $2.30.
Oops! Correction to my post above. PPP is about $3.30/hr
Don't worry, when SA is looted and they run out of food ( a g a i n ), they'll be big concert and catchy tunes to let us know.
“Ramaphosas office said in a statement that while the national minimum wage will not end income inequality, it was a first step towards addressing the clamor for a living wage. “
a “living wage” is possible only when the productivity of a country justifies it ... mandating “living wages” is about as effective as outlawing gravity ...
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