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Cosatu calls for tougher exchange controls in wake of Q3 employment stats

In a statement, the trade federation said this would stop money being taken illegally and encourage investors to keep revenue in the country.

FILE: Cosatu members strike against the country's high unemployment and the unbundling of Eskom on 13 February 2019. Picture: @_cosatu/Twitter

JOHANNESBURG – The Congress of South African Trade Unions (Cosatu) on Thursday reacted to Stats SA’s third-quarter employment figures and called on government to introduce tougher exchange controls.

In a statement, the trade federation said this would stop money being taken illegally and encourage investors to keep revenue in the country.

Stats SA said South Africa lost 28,000 jobs in the formal sector in the third quarter, compared to the quarter before. But, it showed that 78,000 jobs were actually created compared to the same quarter last year.

Unemployment in the country stood at around 29.1%.

Stats SA said that losses were seen in construction and manufacturing - which lost about 12,000 jobs each - while community services lost 11,000; business services 9,000; and transport 1,000.

On the other hand, figures showed that 849,000 jobs were created in the past four years.

Stats SA also looked at the health of businesses in the country.

The number of liquidations increased by 56.4% year-on-year for November.

Compulsory liquidations increased by 41 cases while voluntary liquidations increased by 38 cases.

And on a different note, average monthly earnings increased by 2.6% quarter-on-quarter and increased by 3.7% year-on-year.