Cosatu strike ‘bad for investor sentiment’

2010-04-06 15:08

The proposed strikes by the Congress of SA Trade Unions (Cosatu)

against the electricity tariff increase would damage investor sentiment,

according to the SA Chamber of Commerce and Industry (Sacci).

Sacci said in a statement that the proposed strike came at a time

when South Africa had the opportunity to benefit from positive exposure as host

of the 2010 Fifa World Cup.

Cosatu has made a section 77 submission to the National Economic

Development and Labour Council to oppose the tariff increase that was granted to

Eskom in February.

While Sacci was of the view that the tariff increases would

adversely affect employment, strike action would equally impede job

opportunities that might have resulted from an improved economic outlook.

“Strike action could also mitigate the re-establishment of jobs

that were lost during the global economic downturn,” Sacci said.

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