The South African unemployment rate has hit a new record high in 2021
Stats SA has recently released their Quarterly Labour Force Survey results. The survey which has been officially running since 2008 tracks how many people are looking for work and how many people are employed.
The results of the survey which covered the first half of 2021 show that unemployment has gone up from its previous record high of 32.6% and has increased to 34.4%.
1.8% increase in Unemployment in Just 3 Months
This means that at least 54 000 South Africans lost their jobs during April, May and June 2021.
‘unemployment has gone up from its previous record high of 32.6% and has increased to 34.4%’
The stats also showed that, of those who were actively looking for work, around 186 000 more people have given up during these 3 months on trying to find any kind of employment. They now think it is a waste of time and have become discouraged.
There are currently almost 8 million South Africans looking for work.
The True Picture Is Even Scarier
Stats SA and Government use different calculations and classifications to define what it actually means to be unemployed. The current 34.4% definition is actually significantly lower than the broad description of unemployed people. Using those parameters SA currently sits at 44.4% unemployment.
‘Using those parameters SA currently sits at 44.4% unemployment’
This makes SA the most unemployed nation among those countries that still have the infrastructure to report on such stats (many countries are in too much chaos to even report).
Get Help ASAP
If you or a family member recently lost their job there are steps you can take to reduce the impact. Speak to a registered Debt Counsellor who can tell you about claiming from insurance, can help you look over your budget and can help you negotiate with credit providers for lower payments or even short term payment holidays.
Don’t delay! Get advice straight away.