Job cuts will depress South Africa’s limping economy even more
JOHANNESBURG – Less than a month into 2020, South African companies have already announced thousands of job cuts.
In a country where a third of the labor force is already unemployed, this will put even more strain on demand and economic growth.
Almost 8,000 jobs are at risk as companies including Telkom SA SOC Ltd., the country’s largest fixed-line operator, and Walmart Inc.’s local unit Massmart Holdings Ltd. plan to reduce their headcount after slumps in earnings. That’s after Sibanye Gold Ltd. cut positions at its Marikana operations as part of restructuring plans and Glencore Plc issued a notice of possible reductions at its Rustenburg ferrochrome smelter.
Source: iol.co.za