2.2 Million People Lose Their Jobs
You may have been wondering what the impact of the Covid-19 pandemic and subsequent lockdown will be on the economy?
Statistics recently released show that over 2 million South African have recently lost their source of income. This means that there are now only 14 million people in the whole country earning money. There are approximately around 59 million people in South Africa.
‘There are approximately around 59 million people in South Africa’
42% of people who could make up the workforce are now unemployed or have simply given up looking for work. The official unemployment figures (which don’t take into account people who are not actively looking for work) sit at around 30% of the country but under the broader definition of unemployed this figure has show up as millions of people have lost their jobs during the lockdown (second quarter of 2020).
‘there are now only 14 million people in the whole country earning money’
This means those people are unable to come to your business and spend money and shop. This will in turn have a further impact on the economy as the first significant impact wave of the lockdown is being felt.
Insurance Can Help
For those dealing with debt who just lost their jobs, they should look to claim on their credit life and unemployment insurance built into their credit facilities. For more advice about how to do that contact your credit providers directly or speak to a Debt Counsellor.
For those who still have some income in the house (with other family members earning), one option is to look into debt review as a way to settle your debts over time while you continue to look for work.