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Financial services group Absa has published its preview of the 2022 Medium Term Budget Policy Statement (MTBPS) and forecasts a revenue overrun relative to ...

Nevertheless, the government is primarily responsible for ensuring the wage bill is sustainable, in the context of maintaining a healthy national fiscus. That drove the average wage settlement rate agreed through collective bargaining up to 6.1% in the first half of 2022, from 4.5% a year earlier, it said. The MTBPS will also likely indicate the government’s intentions for the Social Relief of Distress grant, which is scheduled to expire at the end of the current fiscal year.” It is a difficult balancing act. “We have continued to ensure that public servants are reasonably cushioned against the rising cost of living, without crowding out social expenditure. Organised labour rejected this offer.