Level 3 lockdown rules would cost many jobs in SA – Mike Schussler

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Lockdown level 3

According to South Africa’s internationally-renowned financial analyst, Mike Schussler, the level 3 lockdown rules would see more than one million formal and informal jobs in the country, decimated.

The figure would even be higher if  families reliant on the breadwinner’s winners wages, were included. This could amount to 10% of the entire population. In an interview with MoneyWeb, Schussler said the industries most affected were travel, tourism, entertainment, leisure, manufacturing, agriculture, and non-classified services. With South Africa having one of the highest unemployment rates in the world, the impact would be that more severe.

It is estimated that one in every five jobs in the Western and Northern Cape could be in jeopardy, while the Eastern  Cape is holding on by an average of one out of 13 jobs being on the line. However, this province’s unemployment rate is above 50% and could end up being 60%, meaning only one in four people would have a sustainable income.

As larger metropolitan areas’ unemployment rates tend to be  lower than that of rural areas, all eight metros in the country could end up with  unemployment rates above 40%, with the worst affected being Nelson Mandela Bay (PE), Mangaung (Bloemfontein) and Ekurhuleni (Witbank area.)

 

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