While South Africa's rate unemployment remains a major cause for concern, slight improvement in employment was recorded in the third quarter of 2023. The unemployment rate has also declined.
A group of frustrated social workers marched to the Presidency Union Buildings in Pretoria on Tuesday 30 August 2022, demanding that the presidency and the department of social development address their concerns.
Many people look forward to retirement and the prospect of living out their golden years comfortably. However, studies found that the majority of South Africans will not have enough money saved up to retire comfortably.
Many people spend years preparing for when they will no longer work. However, retirement is a long way away for many people and unforeseen circumstances could result in them urgently needing money.
South Africans are waiting in anticipation for Finance Minister Enoch Godongwana to deliver his maiden Medium Term Budget Policy Statement (MTBPS).
The Unemployment Insurance Fund (UIF) recently announced that they will be distributing short-term financial relief to workers who were affected by the July unrest in parts of KwaZulu Natal and Gauteng.
Of all the records South Africa holds, the most unwanted must be the fact that our unemployment rate is now the highest in the world. The official statistics say the unemployment rate, which includes people who have stopped looking for work, rose to 44.4% in the second quarter of 2021. The reality for our youth is even worse than that, with some estimates suggesting as many as three in every four young people are jobless.
Unemployment is a massive challenge that has been exacerbated by the Covid-19 crisis. With 55.75% of the country's youth unemployed, more focus should be placed on how youth can enter the job market without a formal tertiary qualification to contribute positively to the country's economy.