Business Unity South Africa (BUSA) welcomes COSATU’s endorsement of the compromise agreement reached on the National Minimum Wage and Labour Relations Package
- COSATU’s support marks the final endorsement of a labour relations stability and national minimum wage package that is set to change the tone of labour relations in SA
- The agreement sustainably addresses wage inequality, labour market stability and is a positive step towards meaningful economic transformation
Business Unity South Africa (BUSA) welcome COSATU’s Central Executive Committee (CEC) endorsement of the National Minimum Wage (NMW) and labour relations stability package, a compromise agreement entered into after extensive negotiations, 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.