Tag: job loss

The COVID-19 pandemic has brought many changes to the way the world goes about its business; namely, the way we socialise, the way we travel, the way we take care of our health, the way we shop, the way we do business, the way we structure our time and the way we work.

According to the Global Peace Index for 2020 by the Institute of Economics and Peace (IEP), violence costs South Africa about 13% of its gross domestic product (GDP) per year. South Africa ranks as the 26th most costly in the world, totalling $97.4 billion, or $1,971 per capita (in PPP terms).

South African businesses in the metals and engineering (M&E) sector have faced enormous challenges over the past few years, with the  pandemic compounding an already difficult situation. A shrinking domestic market, declining production, weak production sales, a smaller contribution to the economy, increasing joblessness, cheap imports and low investment levels are just some of the issues they face.

The gender pay gap is holding back African economies from unlocking their true potential. The impact of the COVID-19 pandemic has resulted in widespread job losses globally, disproportionately affecting women more than men. It is more urgent that ever to address the lack of gender equality on the African continent across all spheres of society.

The world of work is evolving and while we have seen some positive changes to the workplace since the onset of the COVID-19 pandemic, there is a change taking place that negatively impacts our businesses, community and economy. It is the greater decline of women in the workplace.

The pandemic has proved disproportionately hard for women, but hybrid working potentially offers a future of more equal opportunities and a more equitable sharing of family responsibilities. Over the past year there has been much talk of a ‘she-cession’, with women affected much harder than men by pandemic-enforced closures in sectors such as hospitality, entertainment, leisure and retail.

When we think of gender inequality in the realm of money, the perennial pay gap springs to mind. It remains a problem. The 2020 Momentum/UNISA Household Financial Wellness Insights report estimates that, on average, women earn around 30% less than men in similar jobs in South Africa. 

For a country always in need of cheering up, recent news of better-than-expected economic growth was most welcome. StatsSA data showed that the economy grew by 4.6% after inflation in the first quarter on a seasonally adjusted and annualised basis.

Lockdown rendered many things impossible, among them the ability for unions to 'show up' for their members in what has traditionally been the status quo for negotiation in South Africa: the organised strike. In many countries across the globe and particularly in South Africa, the ability to organise a strike is where a union best demonstrates its strength.

As a result of the pandemic, women are more financially exposed than ever. According to our latest Household Financial Wellness Insights, released together with UNISA, women who make up 51.1% of the South African population, were hardest hit by the lockdown.