Not Just the Higher Ranks
Regular readers will remember CEOs in leading companies – 90% of whom are white – are the 7th best paid in the world, earning a staggering 541 times more than average South Africans.
But what exactly is the reality for the ‘average’ South African?
A 1 to 5 Unemployment Rate
For a start, we know the national unemployment rate stands at 25%, a figure which according to StatsSA has increased from 22% since the fall of apartheid.
We also know that when this figure is broken down into different demographics, we find black unemployment at 39%, whilst white unemployment is only 8.3%.
Even amongst black South Africans with university degrees, unemployment stands at 19% – more than double total white unemployment, a figure which includes whites without university degrees!
What About the Employed?
For those lucky enough to be in employment, half are earning less than ZAR3,500 per month – the minimum needed to live, according to the government.
In other words, half of workers are earning 2429 times less than CEOs in leading companies – who on average earn ZAR8.5 million per month each!
Speaking to the Federation of Unions of South Africa (FEDUSA) last week, Deputy President Ramaphosa announced the government would roll out a minimum wage of ZAR3,500 per month in order to combat income poverty and inequality.
Voetsek welcomes this initiative as long overdue!