'High wage demands possibly causing job losses in SA'

Monday, December 06, 2010

CAPE TOWN - Inflexible wage demands by SA's workers are the likely reason for massive job losses since the start of the global financial crisis, the International Monetary Fund's mission chief for Africa told MPs on Friday.

Abebe Selassie said during a briefing to the standing committee on finance that job losses in other developing countries were not nearly on the same scale as South Africa's.

"What is striking is that declining employment in South Africa has been of the same scale as seen in the United States, which was at the epicentre of the global financial crisis," Selassie said.

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