{"id":378665,"date":"2020-03-03T10:43:39","date_gmt":"2020-03-03T08:43:39","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=378665"},"modified":"2020-03-03T10:43:39","modified_gmt":"2020-03-03T08:43:39","slug":"over-10000-jobs-are-in-the-firing-line-in-south-africa-these-are-the-companies-affected","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/378665\/over-10000-jobs-are-in-the-firing-line-in-south-africa-these-are-the-companies-affected\/","title":{"rendered":"Over 10,000 jobs are in the firing line in South Africa \u2013 these are the companies affected"},"content":{"rendered":"

South African companies have announced plans to cut more than 10,000 jobs less than three months into 2020 as faltering economic growth adds strain in a country where a third of the workforce is unemployed.<\/p>\n

Electronics company Ellies Holdings Ltd. is the latest to start the process of reducing its headcount due to ongoing financial losses.<\/p>\n

Jobs are also at risk at companies including Telkom SA SOC Ltd., the country\u2019s largest fixed-line operator, and Walmart Inc.\u2019s local unit, Massmart Holdings Ltd., after slumps in earnings.<\/p>\n

\"\"<\/a><\/p>\n

If realized, these job losses will add to an unemployment rate that is at the highest in at least 11 years, and place a further dampener on an economy stuck in the longest downward cycle since World War II.<\/p>\n

Annualized gross domestic product data to be released Tuesday will probably show South Africa fell into a second recession in consecutive years after state power utility Eskom Holdings SOC Ltd. implemented the deepest electricity cuts yet in December.<\/p>\n

The economy likely contracted by 0.2% in the final three months of 2019, according to the median estimate of economists in a Bloomberg survey. That may have dragged down economic growth for the full year to the slowest in a decade.<\/p>\n

\n

Read: Government launches new hotline to report South Africans that don\u2019t pay minimum wage<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South African companies have announced plans to cut more than 10,000 jobs less than three months into 2020 as faltering economic growth adds strain in a country where a third of the workforce is unemployed.<\/p>\n","protected":false},"author":59,"featured_media":96065,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-378665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/378665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=378665"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/378665\/revisions"}],"predecessor-version":[{"id":378673,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/378665\/revisions\/378673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/96065"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=378665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=378665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=378665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}