Tafadzwa Chibanguza, SEIFSA Senior Economist, featured on the Moneyweb’s Money Talk on Radio 2000 with Tumisang Ndlovu where he illustrated the challenges of the 3% decline in the demand for steel products. Click here to listen.
Watch SEIFSA Senior Economist, Tafadzwa Chibanguza, discuss the warning announcement by S&P about a possible downgrade of the local economy to junk status and the impact around such.
JOHANNESBURG, 6 September 2016 – The Steel and Engineering Industries Federation of Southern Africa (SEIFSA) welcomes the decision by the Group of 20 (G-20) leaders to address excess global steel capacity.
SA’s metals sector and engineering are at a crossroads, an opinion editorial by Henk Langenhoven, SEIFSA’s chief economist featured in both The Star’s Business Report and Business Day on 17 August 2016.
There is no doubt that the metals and engineering sector in South Africa is at a crossroad. Unfortunately, the debate about what needs to be done focuses almost entirely on tariff protection and whether upstream or downstream industries will benefit or be harmed by this move. This makes the perspective a type of zero-sum game analysis.
At its meeting on 1 August 2016, the SEIFSA Board advised that member companies be made aware of recent amendments to the Pension Fund Act that became effective from 28 February 2014. It is vitally important that member companies take note of and/or implement the points in this communication. Please click here for the letter.
The Steel and Engineering Industries Federation of Southern Africa (SEIFSA) encourages affected members to participate in a review of customs duty on downstream steel products following a tariffs call coordinated by the International Trade Administration Commission of South Africa (ITAC).
“SEIFSA encourages any member company or Association that needs to apply or act on behalf of its members to do so,” said Henk Langenhoven, SEIFSA Chief Economist.
SEIFSA is pleased to announce that the industry’s annual wage increases effective from 1 July 2016 have been finalised in accordance with the wage model agreed with the trade unions in 2014. The increases range from 7% at Rate A to 10% at Rate H. SEIFSA is pleased to report that there are no further changes to employment conditions for this third year of the three-year agreement and that all other terms and conditions of employment remain unchanged.
The wage increases detailed in Appendix A must be implemented by all companies from 1 July 2016. Click Here for the General Wage Increases table, which is also part of Appendix A. All other wage tables and the Management Brief regarding the 1 July 2016 wage increases and the Wage Exemption Guidelines can be obtained on the Main Agreement Portal. Click here to visit the Portal.