Social Compact For Stability And Investment

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In the face of slow economic growth and rising unemployment, South Africa needs a social compact between the government, business and labour to foster labour market stability and foreign investment, Steel and Engineering Industries Federation of Southern Africa CEO Kaizer Nyatsumba said recently.

Steel and Engineering Industries Federation of Southern Africa CEO Kaizer Nyatsumba

Speaking at the recent Southern African Metals and Engineering Indaba, held at the IDC Conference Centre in Sandton, Nyatsumba emphasized the importance of a social dialogue on matters affecting the country’s social partners.

“The recent conclusion of the threeyear wage settlement in the metals and engineering sector bears testimony to the commitment to collaborate and cooperate for social benefits. SEIFSA is delighted that the wage agreement was reached without industrial action. Companies in this sector are taking strain from various factors, including the influx of cheap imports and soft demand for exports.“There is no doubt that any form of industrial action would have brought the sector to its knees. With the negotiations behind us, we now look forward to further collaborations with government and labour to ensure the sector’s sustainability and global competitiveness. The cooperation which led to the successful conclusion of the negotiations sent the right signals because there is a correlation between labour stability and foreign investment,” Nyatsumba said.

 

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