The National Treasury says it fully supports the report and approach of the National Minimum Wage panel.
Deputy President Cyril in his role as chairperson of the committee of principals of the National Economic Development Council (Nedlac), announced on Sunday the findings of the NMW report, which proposed a minimum wage of R3,500 per month or R20 per hour.
In a statement issued on Wednesday by the National Treasury, Minister of Finance, Pravin Gordhan, said: “The report represents a balanced, thoughtful and constructive approach to addressing the challenge of inequality and unemployment . It represents an important milestone in our governments efforts over the years in this regard. The report also takes account of the need to support employment creation.”
National Treasury said that like various other stakeholders, it has contributed to the preliminary minimum wage task team discussions at Nedlac.
“We believe that the panel has taken all the submission into consideration in coming up with a framework that seeks to support inclusive economic growth. We encourage all stakeholders and South Africans to participate in, and support actively this collective effort to address fault lines, like inequality in society and in the economy,” Gordhan concluded.
The national minimum Wage is set to be implemented by July 2019 – however the government has said that this is not a rigid timeline and is subject to change.