South African households are under tremendous financial pressure, having to cut spending costs amid rising food price inflation, fuel and electricity price hikes, and job uncertainty.<\/p>\n
South Africa\u2019s high unemployment rate has been ranked as the worst in the world<\/a>, having climbed to a high of 26.7% in the first quarter of 2016, according to Stats SA.<\/p>\n The stats body showed that among the worst to be hit, were domestic workers, with as many as 45,000 losing their job in the first quarter, to 984,000 employees, from 1.029 million in the prior quarter.<\/p>\n Year on year data showed that 24,000 domestic workers lost their jobs, which will come as a major blow to many communities where the salary of domestic workers is often the lifeblood of many households.<\/p>\n According to Stats SA, domestic workers make up as much as 7.8% of the black South African workforce.<\/p>\n In December 2015, the department of labour announced a minimum wage increase for domestic workers from approximately R2,065 to over R2,230.<\/p>\n A recent survey conducted by Old Mutual found that 61% of households across all income groups said that they would fire their domestic worker to cut monthly costs as prices continue to climb.<\/p>\n How many South Africans are living paycheck to paycheck<\/a><\/strong><\/p>\n This is what stressed-out South Africans are willing to sacrifice to cut costs<\/strong><\/a><\/p>\n Debt shock for South Africans as tough economy bites<\/strong><\/a><\/p>\nMore on South Africa<\/h3>\n