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Tough economy may halt bonuses

Many firms won’t be handing out bonuses this festive season due to tough economic times.

South African employees won't be able to splurge this festive season as bosses may not hand out 13th cheques.

CAPE TOWN - It appears many South African employees won't be able to splurge this festive season as some bosses may not be handing out much anticipated 13th cheques.

Tough economic times are forcing many employers to cut corners.

This means the possibility of no 13th cheques or end-of-year bonuses.

Labour law expert Michael Bagraim says, "This has been a bad year and the profits are down. My feeling is the majority of people will only get a third of their monthly cheque as a bonus or maybe even 20 percent."

Meanwhile, economists are forecasting a gloomy outlook for South Africa's finances next year.

The rising cost of living and a weakening rand have taken their toll on the economy.

While fuel prices have come down slightly, this may not translate into more money in our pockets.

But economist Dawie Klopper says consumer confidence can be restored.

"What we do need is for the economy to pick up again."