UASA Media Release: 12 November 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
UASA welcomes the decrease in the unemployment rate by 1,4 percentage points from 33,5% in the second quarter of 2024 to 32,1% in the third quarter of 2024.
According to the Quarterly Labour Force Survey (QLFS) results by Stats SA, employed people increased by 294,000 to 16,9 million in Q3: 2024, while the number of unemployed people dropped by 373,000 to 8,0 million.
The decrease follows the two-year high of 33.5% reported in the second quarter.
Stats SA reports that the youth (15 to 34 years) remained vulnerable in the labour market. The total number of unemployed youth decreased by 171,000 to 4.8 million, while employed youth recorded an increase of 66,000 to 5.8 million. As a result, youth unemployment declined from 46.6% in the second quarter of 2024 to 45.5% in the third quarter of 2024.
While the slight decrease in unemployment is a welcome relief, the current unemployment rate among the youth and the overall unemployment rate remains a considerable concern. An economy where the minority carries the financial burden of the unemployed majority is not sustainable.
According to economists, a stable power supply, reduced policy and political uncertainties and improved global and local economic conditions have boosted business confidence over the last quarter, resulting in slight employment growth.
Against this background, UASA urges the Government of National Unity (GNU) to continue with economic transformation plans to ensure economic growth and sufficient job creation that will restore South Africans’ standard of living.
UASA stands fast against Finance Minister Enoch Godongwana’s plan to tackle high unemployment by implementing early retirement initiatives and introducing younger talent to the public service. Instead, UASA calls for proper and efficient strategic plans to end the challenges of high unemployment.
Implementing shortcuts to long-term challenges will only result in a disaster. Strategic plans for long-term results are the significant solutions needed to solve our economic challenges.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.