South Africa Faces More Than 60,000 Job Losses, Labor Union Says

South Africa faces more than 60,000 job losses this year in industries ranging from mining to aviation, according to a report by the Solidarity labor union.

More than 45,000 jobs are at risk at 58 companies, including in the mining and chemical industries, Solidarity said in a report released on Tuesday, citing an analysis of media sources. The union said it’s aware of 163 more companies that “are currently reducing staff numbers, or are contemplating to do so,” which could potentially affect another 16,500 jobs.

South Africa’s jobless rate of 25 percent is the highest of 39 emerging markets tracked by Bloomberg. Falling commodity prices and rising costs have forced mining companies including Anglo American Plc and Lonmin Plc to consider job cuts.

Solidarity had about 80 percent more retrenchment-related enquiries from members in June and July compared to the same period last year, Johan Kruger, the union’s deputy head, said in the statement.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE