Guiding consumers since 2009

More money for skills

By Staff Writer

The Times Online

by Robert Laing

Employers have responded to the skills crisis with hefty pay increases,
quarterly employment statistics for the last three months of last year
indicate.

 Looking for somewhere to invest your savings? Click here

Though the number of formal jobs increased by only0.8percent to
8.4million people between September and December, the national wage bill
jumped 9.6percent.

The biggest skills shortage seems to be in the electricity, gas and water
supply industry, in which the average November wage rose by more than 15
percent to R16 677 compared to November 2006.

Utility workers were already the highest earners before their pay rises.

The next fastest growing wages were in the lowest paid sector, construction.

The average wage went up nearly 14percent to R5828, including overtime, in
November.

Nearly a quarter of formerly employed South Africans are in what Stats SA
terms the "community, social and personal services industry" - essentially,
government employees.

This sector accounted for 24.6percent of the 65000 new formal-sector jobs
created during the fourth quarter.

A third of the new jobs were created by the second-biggest employer, the
financial intermediation, insurance, real estate and business services
industry.

Sixty percent of new jobs were for sales and hospitality positions.

A further 7000 manufacturing jobs were lost in the final quarter of last
year, bringing the year's loss of factory jobs to 22000.

The number of mining jobs was unchanged despite the commodities boom.

Job losses due to Eskom's inability to supply sufficient power will appear
in Stats SA's next quarterly report.

Stats SA also released its bi-annual labour force study yesterday.

This set the official unemployment rate at 23percent in September, continuing
a steady decline from 2002, when it was 30.4percent.

But the decline in unemploynebt was offset by the rising number of discouraged job seekers.

People are counted as unemployed only if they are actively looking for a job.

The labour absorption rate is dangerously low, but Stats SA found it had
improved to 43.5percent last year, from 42.7percent in 2006.

Recent Articles

Featured Part 3: Debt rehabilitation explained

In the third part of our Debt-ucate series we explore which debt rehabilitation solutions are available, and what they entail.

What impact does compound interest have on your savings and debt?

Interest plays a big role in your savings and debt. It determines how much you’ll receive for keeping your money in the bank and it also determines how much you’re going to pay your creditors. But what power does compound interest have on your finances?

Times are tough, but keep your debt under control

While the whole world is going through a rough patch, you may also be feeling the pinch. With the country in crisis, it may be difficult to keep up with your debt instalments. However, abandoning your debt obligations is not the solution.

Debt Series Part 2: Interest rates - unpacked

In the second part of our Debt-ucate series we explore interest rates –from how to get a better rate to what influences it, and how this affects the cost of your debt.

Deals

Chartered Finance Institute Free Course

Price: Available on request
When: Daily
Where: Online

Takealot Lockdown Specials

Price: Available on site
When: Daily
Where: Online

Woolies Winter Sale

Price: Available on request
When: Daily
Where: Online