Cosatu warns recent repo rate will result in small business closures & job losses

The Congress of South African Trade Unions (Cosatu) on Friday warned of largescale job losses as small businesses face foreclosure following the increase in the repo rate.

The South African Reserve Bank announced a 25 basis points basis hike on Thursday, bringing the repo rate up to 7.25%. This makes it the eighth consecutive hike.

Cosatu joined the South African Federation of Trade Unions in its criticism of the central bank’s decision.

Cosatu said there will be dire consequences for the country’s lower and middle classes following the latest hike in interest rates.

This means consumers will have to set aside a little more money from their disposable income to service their debts.

Cosatu said the growing economic pressure on households could see low-earning workers lose their homes and cars.

The federation added that the sustainability of small businesses is also under threat, with workers at risk of losing their jobs if business owners can’t keep their doors open.

Cosatu also accused the government of leaving poor families to their own devices, adding that the government must find and address the root causes of the ailing economy.

-EWN

In other news – Lulu Menziwa’s latest photos in the classroom have social media talking

South Africa’s ‘hottest’ teacher and businesswoman, Lulu Menziwa shared thirst-trapping photos of herself in the classroom looking all good and fresh as always, and it has got many of her followers expressing mixed feelings. ‘This type of dressing is not good for the class, it is better to do it outside of school because it affects pupils’, and that is according to many comments from her post.

Yesterday, 26 January, Miss Menziwa took it upon herself to spoil her amazing 344 000 Instagram followers with hot teacher looks in the classroom. Without any caption or saying anything, she shared three beautiful snaps wearing all-black and with a white blazer on the other frame. Learn More