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PSA requires the defending of public servants savings

The Public Servants Association (PSA), is heightening the protection of public servants pension investments. This comes in the wake of late stunning news of bookkeeping inconsistencies in one of the real players in the Johannesburg Stock Exchange (JSE), Steinhoff. PSA is the second biggest Public Service union representing more than …

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Paying below prescribed wage is illegal

No employer may pay workers below the minimum wage once it becomes law, Department of labour’s national briefing session aimed at trade unions was told in Tzaneen, Limpopo, on Wednesday. The briefing, which was attended by dozens of people was told that social partners have identified national minimum wage as …

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Eskom notes credit rating downgrades

Eskom on Wednesday noted Moody’s Investor Service and Standard & Poor’s (S&P) decision to cut the utility’s credit rating. S&P lowered Eskom’s long-term foreign and local currency corporate credit rating to ‘B-’ from ‘B+’, with a negative outlook. S&P has simultaneously revised Eskom stand-alone credit profile (SACP) to ‘ccc-‘ from …

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Repo rate remains unchanged at 6.75%

The Reserve Bank on Thursday kept the repo rate unchanged at 6.75% per annum, Reserve Bank Governor Lesetja Kganyago said. “The Monetary Policy Committee (MPC) has decided that it would be prudent to maintain the current stance of monetary policy at this stage. Accordingly, the repurchase rate remains unchanged at …

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Pay small businesses on time

President Jacob Zuma has urged government departments and provinces to pay businesses, particularly small enterprises on time, within the stipulated 30 days of submitting legitimate invoices. “Failure to pay on time has a negative impact on our economy, especially on the small businesses, which run the real risk of being …

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Trade Unions and employers to get briefings on a new minimum wage, BCEA and LRA

The Department of Labour is planning to host a series of sessions country wide to brief trade unions and employers on the implementation of the long-awaited new national minimum wage. The new national minimum wage policy will be implementation from May 1, 2018. A key objective of the briefing sessions …

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Transnet reports positive results

Transnet this week presented its interim results for the six months ending September 2017 which showed that the company’s net profit for the period increased by 3.4 billion which is more than 230% higher than the previous year. Delivered on Monday in Johannesburg, the results were driven by improved operational …

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US investors pledge over $1 billion for SA

Hardly 24 hours after Finance Minister Malusi Gigaba tabled what was a difficult medium term budget, a leading United States investor has announced plans to invest over $1 billion in South Africa over the next few months. Ambassador Harold Doley, Jr, the Governor of the African Development Bank, said as …

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Eskom welcomes Duynefontein nuclear installation decision

Eskom has welcomed the Department of Environmental Affairs’ decision to grant the power parastatal permission to proceed with the nuclear installation in Duynefontein in the Western Cape. The Duynefontein nuclear installation will be next to the existing Koeberg power station. “We welcome the authorisation by the Department of Environmental Affairs …

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