Each one percentage point in the public sector pay deal costs the fiscus R6.5bn, or about 0.1% of GDP
Finance minister Enoch Godongwana is expected to pencil in 3% in the expenditure framework — the government’s latest wage offer that only the SA Democratic Teachers’ Union has accepted — when he presents the medium-term budget policy statement next week.
Absa chief economist Peter Worthington told Business Day the 3%, on top of the 1.5% notch progression and the R1,000 per month post-tax cash gratuity, would “nudge up” the deficit and debt ratios if the amount is not funded by higher projected tax collections or expenditure cuts...
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