ROB ROSE: 10-million jobless and rising ...
Two new reports on joblessness in SA paint a dire picture of the state of affairs. Yet the ANC stubbornly clings to its ‘pro-worker’ model
If you’re looking for reassurance that SA’s social compact really isn’t as fragile as you think it is, you’d best steer clear of JPMorgan’s new research on the state of joblessness in the country. Written by three analysts, the 25-page report, "Working Less Isn’t Working", has tallied up all the retrenchments announced by JSE-listed companies over the past four years. That number, terrifyingly, comes to 57,886.
It’s a list headed by mining companies — Impala (13,000 job cuts), Anglo Platinum (14,000) and Kumba (3,900) — but Nedbank (3,000), Pick n Pay (2,500) and Standard Bank (1,200) are hot on their heels.