Employees have been hit with serious financial headaches – but their bosses have not been immune either.
South Africans are currently some of the most indebted people in the world, but the challenging economic environment may make it harder for employers to give salary increases above inflation.
“We find ourselves in an environment of rising interest rates, high levels of unemployment, and escalating food and energy prices. Many people are facing extraordinary financial headwinds and struggling to service their debt on home loans, vehicle loans, credit cards and overdrafts,” Kruger said. However, this was not the case in 2008 – when the global financial crisis hit – and in 2022 – when Covid-19-induced supply chain disruptions and pent-up consumer demand pushed inflation.Companies also use a combination of factors outside of CPI when awarding salary increases. Kruger said that these include:– The actual and anticipated salary increases in the general market and the specific sector in which the company operates.
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