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Govt will soon announce interventions to stabilise SOEs

Deputy President Cyril Ramaphosa says positive developments are being made.

Deputy President Cyril Ramaphosa addresses the 21st Nedlac Summit on 9 September 2016. Picture: GCIS.

JOHANNESBURG - Deputy President Cyril Ramaphosa says despite the appearance of difficulties among state-owned enterprises, positive developments are being made.

Ramaphosa says a series of announcements are expected to be made soon regarding interventions to stabilise SOEs.

Last month, six state-owned entities l ost funding from asset manager Futuregrowth following questions over governance.

Ramaphosa says plans for interventions are underway for SOEs and other key sectors in the economy, which include youth employment programmes in the private sector and co-investment in infrastructure.

He says the announcements on these strategies will surprise many who believe SOEs are in a crisis.

"It may appear that wheels are coming off, but work is being done on a consistent basis and when the announcement are made people will be amazed."

He also says significant progress is being made by the National Economic Development and Labour Council on finding measures to reduce income inequality through the introduction of a national minimum wage.

Ramaphosa has warned business not to assume that vast increases in the salaries of executives are going unnoticed by labour.

The deputy president says business can't continue along a path that promotes vast pay inequalities between executives and workers.

"Business should never think excessive pay raises for executives go unnoticed. They notice and record that at the back of their minds."

The Congress of South African Trade Unions' Bheki Ntshalintshali says the federation is more convinced than ever that the call for a national minimum wage was the right decision.

Later this year, a jobs summit is expected to be held where labour stability and job creation will be discussed, with the hope of adopting agreements between government, labour and business.

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