Working class 'will be most affected by repo rate'
Workers' Federation, Cosatu has condemned the Reserve Bank's decision to increase the repo rate by 50 basis-points.
Cosatu's national spokesperson, Sizwe Pamla feels the move will hit the poor, working class the hardest - saying the increase will reduce what little money they have.
Pamla says the decision will exacerbate the current economic situation in South Africa.
"The majority of the working class in this country are struggling with escalating prices of food, transport, education and healthcare. Currently, we are actually awaiting Nersa's decision on Eskom's application.
"Going forward, on top of the socio-economic growth that has resulted in massive retrenchment - now we are going to see those who will still be holding on to their jobs," he said.
The repo rate is now at 6.75%.
(File photo: Gallo Images)