Cape Town - The ripple effects from South Africa's weak economic position will reduce your disposable income in 2016, says an actuarial expert.
Public Policy Actuary at the Actuarial Society of South Africa (ASSA) Niel Fourie says several sectors are facing retrenchments as part of cost cutting initiatives "which will result in job losses".
South Africa ended 2015 on a low, with the rand weakening to historic levels against the dollar and other major currencies, a drought that crippled much of the agricultural sector and the downgrade of SA’s credit rating to just one level above junk, says the ASSA.
As a result food prices are expected to increase by double-digit figures in 2016. In addition, a dramatically weakened rand has pushed up the cost of imported goods by significant margins.
