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South Africa introduces $260 monthly minimum wage
|South Africa introduces $260 monthly minimum wage by Flex: 1:18 pm On March 4, 2017|
South Africa will introduce a national minimum wage of 3,500 rand (261 dollars) per month in 2018, Deputy President Cyril Ramaphosa said on Thursday, following protracted negotiations between the government and labour unions.
Supporters of a minimum wage say it can stimulate growth as workers can spend more, as well as reducing inequality.
“The balance we have sought to strike is that it must not be too low, so that it doesn’t affect the lowest paid workers, but not too high that it leads to massive job losses,” Ramaphosa told a news conference.
Ramaphosa said the national minimum wage, which equates to 20 rand (1.50 dollars) per hour, would come into effect in May 2018.
Businesses that are unable to afford the minimum wage would be permitted to apply for an exemption of up to 12 months, Ramaphosa said. The Treasury had also thrown its political weight behind the policy initiative.
Chief economist at Nedbank Dennis Dykes said the agreement was a sign of an improving relationship between labour, business and government, but warned that its implementation needed to be monitored.
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