S.Africa eyeing rating cut seeks to calm labor market
In order to decrease upheaval in the labor market, South Africa is attempting to regulate strikes and institute a national minimum wage. Deputy President Cyril Ramaphosa offered 3,500 rand per month (about $246), but the nation’s largest labor union rejected the recommendation, stating emphatically that it was too low. By contrast, economist Christie Viljoen advised against the 3,500 rand minimum wage, arguing that the rate would be too high for most businesses to be able to accommodate. Another labor union president stated that whatever wage is decided would be a significant development, also acknowledging that the minimum wage will not correct the racial inequalities within the country.
See "S.Africa eyeing rating cut seeks to calm labor market", Sam Mkokeli and Mike Cohen, Chicago Tribune, November 22, 2016