More than 40 000 Transnet workers have downed tools demanding a double-digit pay rise. With the threats of more industrial action in the public sector, financial advisers are urging workers to be financially prepared when taking part in strikes.
Experts say it could take up to six years for striking workers to recover from the money lost during the few weeks of a stay away.
Many workers are embarking on strikes in a bid to force the employer to offer them a better salary increase that can beat inflation.This is likely to hit hard on the pockets of many striking workers who are already battling to deal with the escalating costs of food, electricity and transport. Union members in many developed countries have what is called the union’s strike fund to provide members with some financial support during industrial action.But the South African Transport and Allied Workers Union says it is considering a strike fund to ensure that its members get some money while they are on strike.
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