The increase in the National Minimum Wage sounds like a lot percentage-wise, but is it enough for a family to live on?The National Minimum Wage increased by 8.5% from R25.42 to R27.58 per ordinary hour worked on 1 March 2024. But is it enough in a country where the cost of living is keeping nutritious food off the plates of low-income consumers?
However, there is a big difference between a living wage and a minimum wage. Meyer says a living wage is remuneration that is sufficient for someone to provide their family with the basic necessities of life and allows them to save and therefore cover unexpected emergencies. The required amount should be based on evidence.
Over the past decade, corporate sustainability reporting has been gaining momentum, with the core focus typically on environmental, social and governance concerns. This kind of reporting allows organisations to be transparent with the public about their impact on people, the planet and prosperity within their operational ecosystem, as well as their integrity as a going concern.
She says unlike the legally enforced minimum wage, a living wage is meant to be adopted voluntarily by employers as an act of human decency.
National Minimum Wage Families Living Wage Cost Of Living South Africa
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