What's in City Press Business: Settle your home loan earlier; Mboweni’s grand plan slammed; No degree, No job

City Press Business, November 3
City Press Business, November 3

Mboweni’s grand plan slammed

The finance minister’s revised document on strategic economic growth is a severely watered down version of the first document, after he faced fierce opposition from labour over the auctioning off of coal powered stations to help reduce Eskom’s crippling debt. However, he will face another backlash for suggesting an end to collective wage agreements through bargaining councils.

Mini Budget short on solutions

Tito Mboweni’s Medium Term Budget Policy Statement was a blistering assessment of the state of the economy. It was not received well by either government, labour, or business. It was also short on solutions.

No degree, No job

This weeks Quarterly Labour Force Survey reflected a deteriorating employment rate in the country. It clearly spells out how the unskilled and semi-skilled workforce are those that are the least likely to find work and make up the bulk of the unemployed. The youth jobless rate is also soaring. Under the expanded definition of unemployment, the number of jobless in South Africa has surged to 6.7 million people or 38.5% of the workforce.

Settle your home loan earlier

….but do not take a personal loan to reach that goal, writes Maya Fisher-French. Any calculation will show you that you will end up paying far more interest on a personal loan than you will on a home loan, so resist the temptation.

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