The National Union of Metalworkers of South Africa (Numsa) yesterday submitted a memorandum to the Reserve Bank governor as part of its job security conference resolution. The union agreed to picket at the Bank's special meeting of the Monetary Policy Committee, which ends today.
The aim is to urge the bank to drastically lower interest rates as one of many measures to ease the current job loss bloodbath.
Cosatu general secretary Zwelinzima Vavi yesterday pledged the trade federations' support for Numsa. "We support Numsa's picketing as this country's interest rates remain extraordinarily high."
He said the time for symbolic rate cuts was over, referring to the previous 0,5percent and one percent cuts. "Anything less than a two percent rate cut will be very disappointing," said Vavi.
The union also believes that instead of linking interest rates to inflation rates, the target must be with employment imperatives and industrial growth.