Business Unity South Africa (BUSA) welcomes COSATU’s Central Executive Committee (CEC) endorsement of the National Minimum Wage (NMW) and labour relations stability package agreed to by the leadership of labour, community, government and business under the auspices of the NEDLAC Committee of Principals.
“We are pleased with COSATU’s endorsement of the agreement. The agreement heralds a new era for labour relations in South Africa. With the backing of all social partners in NEDLAC, this agreement moves our labour market in the right direction. COSATU’s announcement has reaffirmed the commitment by social partners to fair labour practices and the important role of the private sector, as well as that of the State in creating the necessary conditions to drive productivity led, inclusive growth and employment,” says Tanya Cohen, CEO of BUSA.
“We commend COSATU, along with FEDUSA and NACTU and the Community Constituency in NEDLAC for their leadership and participation in the process and their support for the final agreement. We also appreciate the dedication and leadership provided by the Deputy President, together with the participating cabinet ministers and departments in government that have been part of the NEDLAC process. The NMW is an important step in the right direction towards a living wage, and sends a message that all the social partners, including business, are committed to creating a fair, inclusive and progressive economy. The Agreement has been welcomed by the market and ratings agencies, as it addresses one of their key concerns, being labour market stability,” says Cohen
The Agreement recognises that employees should be paid a fair minimum wage for productive work; that strikes should be peaceful and functional; that all stakeholders have a leadership role to play in bringing stability to the labour market and that productive employment (in businesses of all sizes and formats across different sectors) is essential for inclusive growth.
Jabu Mabuza, BUSA President welcomed the agreement indicating that “The agreement demonstrates commitment by all the social partners in NEDLAC to transform the South African economy in a meaningful way that contributes to inclusive growth in the country. We congratulate Team SA on a job well done – as business we are committed to supporting and implementing the agreement.”