CEOs vow to do their best to avoid retrenchments as economy sags
But CEO Initiative head Jabu Mabuza says periods of economic distress often require employees and business leaders to do more with fewer resources
Business leaders have committed to avoid retrenchments as far as possible and have proposed measures to the government that could boost confidence in the economy, the CEO Initiative said on Tuesday. The CEO Initiative includes leaders of top 40 JSE-listed companies who were among a delegation that included labour, which met President Cyril Ramaphosa, deputy president David Mabuza and several ministers at the president’s Economic Consultative Forum last week. The forum was convened to find solutions to boost SA’s weak growth — expected to be less than 1% for 2018 following a surprise recession in the second quarter of 2018 — and address the high unemployment rate, which is sitting at 27.2% and an expanded rate of 37.2%. The expanded rate includes discouraged job seekers. The forum was convened ahead of the government’s jobs summit, scheduled for October 4-5 and the investment summit running from October 25-27 this year. Jabu Mabuza, co-convener of the CEO Initiative said at last week...
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