South Africa Puts Budget Under Strain With 7% Pay Increase Offer [BNN Bloomberg (Canada)]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: BNN Bloomberg
While labor unions are due to table a formal response to the government's proposal on Friday, the 235,000-member Public Servants Association has already rejected it and wants 8%. The central bank expects inflation to average 5.4% this year. While the budget didn't preempt the outcome of the ongoing pay talks, any settlement that hasn't been provided for “will require very significant trade-offs in government spending because the wage bill is a significant cost driver,” the Treasury said in an emailed response to questions on Thursday. It reiterated its commitment to reducing the budget deficit and ensuring fiscal sustainability was maintained. Compensation accounts for almost a third of state expenditure and is crowding out spending on other priorities. Ratings companies have flagged the wage bill as an ongoing risk to the fiscus. Cost of Increase Increasing pay for public servants on salary levels one to 12 by an average of 7% would cost 35.8 billion rand ($1.94 billion) in
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