Africa’s most industrialized economy lost 1.6 million work days due to industrial action in the first half of 2022, up from 45,000 in the prior year, data in South African Reserve Bank’s Quarterly Bulletin published Tuesday show.
The protests hit the producer’s gold output, which slumped 63% year-on-year in the six months through June. State power utility Eskom Holdings SOC Ltd’s one-year pay raise of 7% agreed with striking workers in July prompted a warning from S&P Global Ratings that it could set a dangerous precedent for on-going public-sector wage negotiations that may add to price pressures.
Governor Lesetja Kganyago has previously said the MPC would be concerned about economy-wide pay settlements that are consistently above inflation expectations as that may prompt a wage spiral.
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