Latest news in the South African job market

Latest news in the South African job market. The South African job market has been facing many challenges in recent months, such as high inflation, slow economic growth, the Covid-19 pandemic, and load shedding. However, some signs of recovery and stabilization have emerged, according to the latest data from BankServ Africa and other sources. Here are some of the highlights of the latest news in the South African job market.

– The average nominal take-home pay for South African workers increased to R15,186 in February 2023, indicating a stabilizing job market despite the ongoing challenges posed by inflation. However, this figure remains 1.8% below the R15,469 measured a year prior, according to Shergeran Naidoo, BankServ Africa’s Head of Stakeholder Engagements. The average real take-home salary, adjusted for inflation, declined by 8.3% year-on-year in February 2023, falling to R14,225 from R15,510 in the previous year.

– The number of salaries deposited into South African bank accounts increased slightly in February 2023, after two consecutive months of significant declines. This suggests that a modest number of jobs were created in February, according to Naidoo. Independent economist Elize Kruger commented that any stabilization in the job market, however small, is a welcome development amidst the challenging economic landscape.

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– The job market is still recovering from heavy losses that occurred due to the impact of the Covid-19 pandemic. According to the December 2022 Quarterly Employment Statistics report, employment in the non-agricultural business sector stood at 9.968 million at the end of 2022, compared to the pre-pandemic level of 10.3 million in Q1 2020.

– The government has improved its wage offer to public servants to 7.5% for 2023/24, increasing the prospects of an early settlement to negotiations. The previous offer was 6%, which was rejected by unions as insufficient to keep up with inflation. The unions are demanding a 9% increase for 2023/24 and a further 8% for each of the following two years.

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– The competition to attract and retain software developers in a competitive job market is intensifying, given the rapidly evolving digital landscape and fast-moving trends. IT professionals will be crucial in helping their employers stay ahead of the curve and adapt to changing customer needs and expectations. However, there is a shortage of skilled software developers in South Africa, and employers need to offer attractive incentives and benefits to lure and keep them.

– The inclusion of women in the 4IR and digital economy is vital for South Africa’s economic development and social justice. However, women face many barriers and challenges in accessing and participating in these sectors, such as gender stereotypes, digital illiteracy, lack of access to education and training, and discrimination in the workplace. Senior lecturer Daniel le Roux’s research at Stellenbosch University demonstrates that an estimated 35% of South African workers’ (4.5 million people) jobs may be automated in the near future, which could disproportionately affect women who are overrepresented in low-skilled and routine occupations.

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– “A deal between English Premier League team Tottenham Hotspur FC and the South African Department of Tourism has been scrapped due to financial concerns. The deal aimed to have the club market the country in conjunction with SA Tourism as a destination for travel and investment. “Tourism Minister Patricia de Lille made the announcement and attributed the change in plan to budget constraints and shifting priorities.” this is sourced from allafrica

These are some of the latest news in the South African job market that reflect its current state and future prospects. The job market is facing many difficulties and uncertainties, but also some opportunities and hopes for improvement. It remains to be seen how the job market will evolve in the coming months and years as it responds to various internal and external factors.