The proposed National Minimum Wage hike for 2024
The proposed National Minimum Wage hike for 2024 The National Minimum Wage (NMW) Commission recommends a CPI plus 3% for 2024 but is sitting with another two proposals as it invites further suggestions from interested parties for the year ahead. The NMW Commission has published a report in the government gazette to present the Commission’s information and recommendations on the annual review of the national minimum wage and also inviting written representations from the public. The three proposals tabled in the report are as follows: The majority recommendation is the Consumer Price Index (CPI) plus 3%. Eight of the 12 commissioners propose that the national minimum wage increase by CPI plus 3%; The recommendation by the Business Constituency is only CPI; and The recommendation by an independent expert is CPI plus 0.75%. The CPI is a measure of the change in prices as paid by consumers for goods and services over time. In South Africa, the latest consumer price inflation, as pub...
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