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Labour pact could help avert a credit downgrade

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Deputy President Cyril Ramaphosa.
Deputy President Cyril Ramaphosa.

Johannesburg – Government will be informing ratings agencies on the “tremendous progress” made on labour stability issues in an effort to avoid a credit downgrade, said Deputy President Cyril Ramaphosa.

Ramaphosa was speaking at a press briefing at the National Economic and Development and Labour Council (Nedlac) offices in Johannesburg on Sunday. Ramaphosa said that he would highlight the findings of the National Minimum Wage (NMW) report, when he meets with ratings agencies this week.

Among the findings by a panel of experts which compiled the research is a proposal of  a NMW of R3500 per month or R20 per hour.

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