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S.Africa's wage freeze plan hinged on "difficult" negotiations, says Fitch

10/29/2020 | 08:46am EST
FILE PHOTO: South African Finance Minister Tito Mboweni reacts as he arrives to deliver his budget speech at the parliament in Cape Town

JOHANNESBURG (Reuters) - South Africa's plan to freeze public sector wages, announced by the finance minister in a budget speech, will face opposition from labour unions, ratings firm Fitch said on Thursday.

The success of the plan "will depend crucially on difficult negotiations with public sector trade unions," said Fitch Ratings in a detailed commentary after publishing a brief statement late last night.

Finance Minister Tito Mboweni pledged on Wednesday to freeze the wages of the country's 1.3 million civil servants as part of government's plan to narrow a yawning budget deficit and bring down debt.

(Reporting by Mfuneko Toyana; Editing by Promit Mukherjee)


© Reuters 2020
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